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 crude futures were up 56 cents, or 0.8% at $74.41 a barrel by 0725 GMT. U.S. West Texas Intermediate crude (WTI) was up 44 cents, or 0.6%, at $69.44. Both benchmarks gained as much as 1.3% in early Asian trade.

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