Oil prices rose on Tuesday, June 27, for the second session in a row, as the impact of fears of political instability in Russia and the possibility of supply disruptions overshadowed the impact of concerns about global demand.

Brent crude futures rose 6 cents to $74.24 a barrel, while US West Texas Intermediate crude futures rose 10 cents to $69.47 a barrel.

On Monday, Brent rose 0.5% and West Texas Intermediate rose 0.3%.

On Saturday, a clash was averted between Moscow and the Russian private military group, Wagner, as the group's heavily armed fighters withdrew from the southern Russian city of Rostov under an agreement that halted their rapid advance towards the capital.

The challenge has raised doubts about President Vladimir Putin's grip on power and some concerns about possible disruptions to Russian oil supplies.

Lower supply is already in the minds of investors due to Saudi Arabia's pledge to cut production from July.