Oil falls in price after Russia resumes operation of the port in Novosibirsk
Oil prices fell on Monday, November 17, reversing last week's gains after the Russian port of Novorossiysk resumed export operations. The pause in the key Black Sea hub was caused by a Ukrainian attack on oil infrastructure. This was reported by Reuters.
As of November 17, Brent crude oil futures were trading at $63.9 per barrel, down 0.75% from Friday. U.S. West Texas Intermediate (WTI) fell to $59.55 per barrel, down 0.67% from Friday .
On Friday, both brands rose by more than 2% amid a halt in exports from Novorossiysk and the nearby Caspian Pipeline Consortium terminal.
Novorossiysk port resumes oil loading on Sunday, November 16, according to LSEG, a data and infrastructure provider for financial markets.
"Investors are trying to assess how Ukraine's attacks will affect Russia's crude oil exports in the long term, as well as take profits after last Friday's gains," explained Toshitaka Tazawa, an analyst at Fujitomi Securities.
november 14 Russia halts oil exports from the Black Sea port of Novorossiysk after Ukrainian drone attack.
- The Russian port of Novorossiysk on the Black Sea has temporarily halted oil exports, leading to a 2% drop in global supplies .
- November 16 Russia's Black Sea port of Novorossiysk resumes oil shipments after a two-day break.
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