Oil Rises More Than 2% After Russian Port Halts Exports Following Drone Attack

Overview

• Brent settled up US$1.38, or 2.19%, at US$64.39 a barrel, and WTI rose US$1.40, or 2.39%, to US$60.09 on Friday.
• Russia suspended exports from Novorossiisk and pipeline operator Transneft halted feed to the port, according to industry sources cited by Reuters.
• For the week, Brent gained 1.2% and WTI rose about 0.6% as traders assessed supply risk from the strikes.
• Thursday’s modest rebound had followed a sharp drop after OPEC’s monthly report signaled a production surplus weighing on prices.
• Analyst John Kilduff of Again Capital said the market still shows abundant supply, with some cargoes struggling for bids and a risk that futures trade above spot.