Crude Loses Early Gains From Russian Unrest

Oil prices are currently close to unchanged during APAC session although they have been trading in a range of about a dollar. Earlier in the session they received some support from the failed uprising in Russia, as it remains a major oil producer. But WTI is flat now at around $69.18/bbl, close to the intraday low of $69.01. Brent is marginally higher at $73.92, close to the low of $73.76. The USD index is down 0.1%.

• WTI breached $70 early in APAC trading but couldn’t hold it and has trended down since. Brent approached $75 but stopped at $74.80. Technicals remain bearish.
• The unrest in Russia over the weekend is generally not expected to impact output. According to Bloomberg, Goldman Sachs thinks the market will remain focussed on fundamentals but RBC believes that the risk of further trouble “must be factored into our oil analysis”.
• Later there is the German IFO survey for June and the US Dallas Fed June manufacturing index. ECB President Lagarde will give opening remarks at the ECB Forum.