Summary Oil prices rise early in second sessionPolitical instability in Russia adds to supply concernsHopeful expectations for summer driving season demand remainJune 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.
Following the weekend'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.
The challenge has fed questions about President Vladimir Putin's grip on power and some concern about possible disruption of Russian oil supply, although loadings have kept on schedule.
Oil fell about 3.6% last week on worries that further interest rate hikes by the U.S. Federal Reserve could sap demand as China's economic recovery disappoints investors.
Traders were also watching for signs of a pickup in demand for transport fuels, such as gasoline, in the United States ahead of the peak summer driving season.
Persons:
Brent, Wagner, Vladimir Putin's, Saudi Arabia's, Morgan, Stephanie Kelly, Trixie Yap, Muralikumar Anantharaman, Clarence Fernandez
Organizations:
Brent, U.S, West Texas, ANZ, Saudi, BMI Research, U.S . Federal, Traders, American Automobile Association, Global, American Petroleum Institute, Energy Information Administration, Thomson
Locations:
Russia, Moscow, Russian, Rostov, Saudi Arabia, United States, U.S