Stocks slip, tech drags to start last week of June trading: Stock … – AOL

Russia turmoil could lead to more oil price volatility

WTI crude oil (CL=F) and Brent crude (BZ=F) pared gains to close up 0.5% and 0.6%, respectively, after Russia’s private army Wagner Group aborted its march towards Moscow, averting what may have been an attempted coup on Russian leader Vladimir Putin.

One strategist thinks there’s a scenario where turmoil in Russia could help send prices lower.

As Yahoo Finance’s Ines Ferré reports:

“The events in Russia lead the market to consider how much Russian oil production and exports could have been affected if Wagner took more territory or if Russia fell into a civil war,” Andy Lipow of Lipow Oil Associates told Yahoo Finance.

“A contrarian view is that this is bearish [for] the oil markets because Putin will try to export every bit of Russian oil he can sell in order to raise money to pay off his supporters and keep the army on his side,” added the analyst.

The developments in Russia have been closely watched, given crude’s volatility…

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