Overview
- Brent rose about 2% to $64.35 and WTI to $60.09 early Friday after a Ukrainian drone attack damaged an oil depot and a ship at Russia’s Novorossiysk port.
- Regional authorities in Krasnodar reported debris hit apartments, coastal structures and a trans-shipment complex, with injuries to three crew members confirmed.
- New U.S. sanctions bar transactions with Rosneft and Lukoil after November 21, with JPMorgan estimating about 1.4 million bpd of Russian oil is now stuck in floating storage as unloading slows.
- U.S. EIA data showed crude inventories up 6.4 million barrels to 427.6 million last week, with domestic production at a record 13.862 million bpd and product draws smaller than expected.
- OPEC shifted to a surplus view for recent balances and the IEA projects a roughly 4.0–4.1 million bpd surplus for 2026, while OPEC+ plans a 137,000 bpd increase in December followed by a pause early next year.