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Oil Drifts Lower as Russian Fears Subside

OIL

Oil prices failed to make any headway in the early session, breaking narrowly above the weekly high before tracking back towards the bottom of the weekly range.

  • Any fears around the Russian supply situation appear to have been alleviated and failed to illicit any upward response in prices this week after the failed mutiny attempts at the weekend.
  • The defence ministry has claimed Wagner has put down arms and that the treason case against Prigozhin has been dropped.
  • Brent AUG 23 down -0.6% at 73.71$/bbl
  • WTI AUG 23 down -0.7% at 68.9$/bbl

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