- Oil trades slightly higher as the market shrugs off Russia's Wagner revolt
- August ’23 WTI gained 16c this morning to trade around $69.32/Bbl
- A potential conflict involving Moscow and Wagner mercenaries was averted Saturday after a deal led to their withdrawal, halting their swift advance on Moscow
- Deputy PM Novak confirmed normal operations in Russia's energy sector over the weekend (BBG)
- Robust Russian crude exports, in addition to monetary tightening by Western nations and a lackluster recovery in China, continue to weigh on prices
- Emerging Markets Drive Oil Market Optimism, Says Aramco CEO (Bloomberg)
- Saudi Aramco CEO Amin Nasser expressed confidence in the 'generally sound' oil market for the rest of 2023, fueled by robust demand growth from China and India
- Nasser added that despite the risk of recession in several OECD nations, developing countries are driving growth in demand exceeding 2 MMBbl/d in 2023
- Despite China's economic challenges, the transportation and petrochemical sectors continue to show growth in demand
- He reiterated that an expected global economic recovery could further tighten supply-demand balances