Oil prices retreated on Monday, reversing last week’s gains after crude loadings resumed at Russia’s key Novorossiysk export hub. Operations at the Black Sea port had been halted for two days following a Ukrainian attack, briefly disrupting global supply.
Brent crude futures slipped 44 cents, or 0.68%, to $63.95 a barrel by 07:51 GMT. U.S. West Texas Intermediate (WTI) crude fell 48 cents, or 0.8%, to $59.61 a barrel. Both benchmarks had gained more than 2% on Friday after the suspension of exports from Novorossiysk and a nearby Caspian Pipeline Consortium terminal—together affecting roughly 2% of global supply.
Novorossiysk resumed loadings on Sunday, according to industry sources and LSEG data. Still, markets remain cautious as Ukraine continues to target Russia’s energy infrastructure, raising the risk of further supply disruptions. Ukrainian forces said they hit Russia’s Ryazan refinery on Saturday, followed by another strike on the Novokuibyshevsk refinery in the Samara region.
Toshitaka Tazawa of Fujitomi Securities noted that investors are trying to assess how long-term Russian exports may be affected by continued attacks, while also taking profits after Friday’s rally. He added that oversupply concerns linked to OPEC+ production increases remain in focus, with WTI likely to hover near $60 within a narrow range.
Traders are also watching the impact of expanding Western sanctions. The U.S. recently announced restrictions on dealings with Lukoil and Rosneft, aimed at pressuring Moscow over the war in Ukraine. President Donald Trump said on Sunday that Republicans are drafting legislation to sanction any country doing business with Russia, potentially adding Iran to the list.
Earlier in November, OPEC+ agreed to raise December production by 137,000 barrels per day—matching the increases for October and November—while planning a pause on further hikes in early 2025.
In a research note, ING said global oil markets are expected to remain in surplus through 2026 but warned of rising supply risks. Ukraine’s increased drone strikes on Russian facilities and Iran’s recent seizure of a tanker in the Gulf of Oman, a critical passage for around 20 million barrels per day, both add to market tension.
Positioning data showed that speculators increased net long positions in ICE Brent by 12,636 lots to 164,867 lots last week, largely due to short-covering as traders remained cautious about betting against the market amid growing supply risks.
In the U.S., the number of active oil rigs rose by three to 417 for the week ending November 14, according to Baker Hughes data.
