COM - Crude oil edges higher as traders try to assess instability in Russia

2023-06-25 21:36:21 ET

Crude oil moves modestly higher in overnight trading early Monday following the events in Russia over the weekend, with traders reacting cautiously as they try to gauge the impact of the instability in the country.

Brent crude futures ( CO1:COM ) +0.7% to $74.37/bbl and U.S. WTI crude ( CL1:COM ) also +0.7% to $69.67/bbl, after both benchmarks had jumped as much as 1.3% earlier in recouping a little of last week's losses .

ETFs: ( NYSEARCA: USO ), ( BNO ), ( UCO ), ( SCO ), ( DBO ), ( USL ), ( DRIP ), ( GUSH ), ( USOI ), ( NRGU )

U.S. crude oil futures have lost more than 13% so far this year, in part due to Russia's resilient exports despite Western sanctions resulting from the Ukraine war.

While the latest geopolitical risk could add some support to oil prices, continuing worries over China's economic growth and recession risks in the U.S. and elsewhere seem likely to limit any increases.

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