Overview
- Industry sources and LSEG data showed crude loadings resumed Sunday at Novorossiysk, with two tankers moored at the Black Sea facility.
- Brent fell to about $63.8 a barrel and WTI to roughly $59.5 in early Asian trade, erasing last week’s gains.
- The two-day halt at Novorossiysk and a nearby Caspian Pipeline Consortium terminal had curtailed flows equal to about 2% of global supply.
- Ukraine reported new strikes on Russia’s Ryazan and Novokuibyshevsk refineries, keeping attention on possible export disruptions.
- Western pressure is set to intensify, with U.S. bans on dealings with Rosneft and Lukoil taking effect after Nov. 21 and President Donald Trump backing legislation to penalize countries trading with Russia, while OPEC+ output increases and a small rise in U.S. oil rigs reinforce oversupply concerns.