Oil dropped following signs that activity had resumed at the key Russian port of Novorossiysk on the Black Sea, after a Ukrainian strike last week led to some damage and a suspension of operations.
Brent slipped below $64 a barrel after closing more than 2 per cent higher on Friday following the attack, and West Texas Intermediate fell toward $59. Two tankers moored on Sunday at Novorossiysk, indicating operational activity at the terminals, while Reuters reported that crude loading had resumed.
Oil posted a modest weekly gain after the attack on the Russian port, along with Iran’s seizure of a tanker near the Strait of Hormuz, injected fresh geopolitical premium into prices. Still, the market is facing a large surplus as OPEC+ and producers from outside of the group ramp up output, capping price gains.
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