Markets held their breath as a brief military coup played out in Russia over the weekend, with Wagner -- a private mercenary group that has fought for Russia around the world -- marching for Moscow before calling off the revolt and pulling back to Belarus in a deal with President Alexander Lukashenko.
Turmoil in Russia, the second-largest oil exporter, could have disrupted global supplies of oil and other commodities, including wheat. But oil prices have remained steady in the wake of the brief coup.
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U.S. crude oil futures rose slightly more than 1% early Monday morning, before flattening out. Brent crude, the global oil price benchmark, was up .2%, at a little more than $74 a barrel.
Jim Cramer, host of CNBC's "Mad Money," doesn't think oil will be going higher anytime soon.
"Don't bite on oil going higher," Cramer tweeted June 25. "It will just be another head-fake as Russia has transactional friendships with China and India."
Cramer is not alone in this prediction. Analysts at Rystad Energy, according to CNN, are at least partially in-line with the infamous investor's thought process.
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"Given that the short-lived event this weekend in Russia appears to have ended, we do not expect to see such a significant increase in oil prices,” Rystad Energy said. "We do, however, believe that the geopolitical risk amid internal instability in Russia has increased. As such, we are likely to see a marginal uptick in oil prices in the coming days if the situation does not deteriorate further.”
Matthew Tuttle, the investor behind the Short Jim Cramer ETF, is getting ready for Cramer to be wrong, again.
"I think it may be just about time to get long oil stocks," he said.
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