Overview
- Brent and WTI fell about 1% in early Asian trade as crude loadings restarted at Novorossiysk, according to industry sources and LSEG data.
- The earlier shutdown at Novorossiysk and the nearby Caspian Pipeline Consortium terminal temporarily removed roughly 2% of global supply.
- Ukraine said it struck Russia’s Ryazan and Novokuibyshevsk refineries, keeping the risk of fresh disruptions in focus.
- The United States will ban dealings with Lukoil and Rosneft after Nov. 21, and President Donald Trump said Republicans are preparing broader sanctions legislation.
- Market sentiment remains tilted toward oversupply given OPEC+ output increases and a modest uptick in U.S. drilling activity.