Oil prices rose on Monday after a revolt by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world's largest producers.

Brent and U.S. West Texas intermediate crude (WTI) futures were both up 0.4% on Monday, paring some gains after rising as much as 1.3% in early Asian trade. Brent was trading 27 cents higher at $74.12 a barrel at 0234 GMT, while WTI was up 28 cents at $69.44 a barrel.

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

However, the challenge has raised questions about President Vladimir Putin's grip on power and concerns about possible disruption of Russian oil supply.

Source : Reuters