Oil prices slip as Russian exports restart after brief shutdown

Oil prices drifted lower in early Asian trading on Monday after Russia quietly brought its key Black Sea terminal back online. The return of loadings at Novorossiysk wiped out the gains made late last week, when a sudden halt in shipments had stirred fears of tighter global supply.

Brent crude opened the day on the back foot and settled around 63 dollars and 81 cents a barrel in the first hour of trading. West Texas Intermediate followed the same pattern and slipped to 59 dollars and 50 cents. Both benchmarks had climbed more than 2 percent on Friday when the temporary shutdown rattled the market.

Attacks keep traders alert

The restart at Novorossiysk was confirmed by industry sources and reflected in shipping data. Even so, traders remain wary as Ukraine continues to target Russian oil facilities. Over the weekend, Kyiv claimed strikes on the Ryazan refinery along with another facility in the Samara region. Each hit has rekindled concerns about possible delays or disruptions in Russian crude flows.

Market analyst Toshitaka Tazawa noted that investors are still trying to judge how sustained attacks on infrastructure could influence Russia’s export capacity over time. He added that many traders were also taking profit after Friday’s sharp rise in prices. According to him, the overall belief that the market is well supplied due to recent OPEC plus production increases has kept WTI anchored close to the 60 dollar mark, with limited room for bigger moves.

Sanctions and supply outlook in focus

Western sanctions remain another source of uncertainty for the market. The United States has announced that companies engaging with Russian oil majors after November 21 could face penalties as Washington seeks to add pressure on Moscow. President Donald Trump said on Sunday that lawmakers were working on broader legislation that would target any state doing business with Russia. He also hinted that Iran could be added to the list.

OPEC plus members recently agreed to lift output targets for December by 137 thousand barrels per day, the same change applied in the previous two months. They also signalled that there would be no further increases in the first quarter of next year.

Meanwhile, drilling activity in the United States picked up slightly. Figures from Baker Hughes showed that the number of oil rigs rose to 417 in the week to November 14. It was a small rise but reflected steady interest from producers as prices remain close to the psychological 60 dollar threshold.