Oil prices rise early in second session
Political instability in Russia adds to supply concerns
Hopeful expectations for summer driving season demand remain

June 27 Reuters Oil prices edged higher on Tuesday, spurred by worries about political instability in Russia and possible supply disruptions, as well as U.S. demand hopes ahead of the summer driving season.

By 0613 GMT, Brent crude futures had climbed 67 cents to 74.85 a barrel, while U.S. West Texas Intermediate WTI futures rose 73 cents to 70.10 a barrel. On Monday, Brent had climbed 0.5 and the WTI 0.3.

A clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern city of Rostov under a deal that halted their rapid advance on the capital.

Following the weekend39;s events, ANZ analysts said, the complacency among traders about Russian oil continuing to seep into the international market could no longer be assumed to the same extent.

This is likely to lead to a risk premium being applied to the oil price amid the risk of further civil unrest, they added in a note.

The challenge has fed questions about President Vladimir Putin39;s grip on power and some concern about possible disruption of Russian oil supply, although loadings have kept on schedule.

Lower supply has already been on investors39; minds, after Saudi Arabia39;s pledge to cut output from July.

An additional 1 million barrels per day bpd unilateral cut by Saudi…