Oil Slips as Novorossiysk Restarts After Two-Day Halt
Markets refocus on Ukrainian strikes, impending U.S. sanctions, 2026 surplus forecasts.
Overview
- Novorossiysk resumed oil loadings on Sunday after a two-day shutdown, easing a disruption that briefly affected roughly 2% of global supply.
- Brent settled at $64.20 and WTI at $59.91 on Monday, down about 0.3% as flows restarted, according to ICE and NYMEX data.
- Ukraine said strikes hit Russia’s Ryazan and Novokuibyshevsk refineries, sustaining concerns over future export capacity.
- U.S. sanctions will bar business with Lukoil and Rosneft after November 21, and President Donald Trump said Republicans are pursuing broader penalties targeting trade with Russia.
- Goldman Sachs projects a 2.0 million barrels-per-day surplus in 2026 and now forecasts average Brent at $56 and WTI at $52 next year.