/Reuters Agency
Oil prices stabilized after loading resumed at the Novorossiysk export center in Russia, following a two-day suspension at the Black Sea Port that had been affected by a Ukrainian attack.
Brent crude rose 7 cents, or 0.1%, to $64.46 per barrel at 14:15 GMT. US crude West Texas Intermediate (WTI) gained 3 cents, also 0.1%, reaching $60.12.
Both benchmarks rose more than 2% on Friday, November 14, closing the week with a moderate gain following the suspension of exports at Novorossiysk and a nearby terminal of the Caspian Pipeline Consortium, which affected the equivalent of 2% of global supply.
Oil loadings at Novorossiysk resumed on Sunday the 16th, according to two industry sources and LSEG data. However, Ukrainian attacks on Russian oil infrastructure remain a point of attention.
The Ukrainian military reported on Saturday the 15th that it had hit the Ryazan oil refinery in Russia and the Kyiv General Staff indicated on Sunday that the Novokuybyshevsk refinery in Russia’s Samara region had also been attacked.
“Investors are trying to assess how Ukrainian attacks will affect Russian crude exports in the long term,” commented Toshitaka Tazawa, an analyst at Fujitomi Securities.
Investors are also monitoring the impact of Western sanctions on Russian supply and trade flows.
The United States imposed sanctions prohibiting deals with Russian oil companies Lukoil and Rosneft from November 21, in an attempt to pressure Moscow towards peace negotiations on Ukraine.
US President Donald Trump stated on Sunday that Republicans are working on legislation that will impose sanctions on any country that does business with Russia, adding that Iran could be included on that list.
This month, the OPEC+ alliance agreed to increase production targets for December by 137,000 barrels per day, the same figure as for October and November. It also opted for a pause in increases during the first quarter of next year.
An ING report noted that the oil market is expected to maintain a large surplus until 2026. However, it warned of increasing supply risks due to Ukrainian drone attacks on Russian energy facilities.
It also highlighted Iran’s seizure of an oil tanker in the Gulf of Oman after its transit through the Strait of Hormuz, a key route for about 20 million barrels per day of global oil flow.
The latest positioning data shows that speculators increased their net long positions in ICE Brent by 12,636 contracts during the last reported week, reaching a total of 164,867 contracts as of last Tuesday.
ING noted that this was mainly driven by the covering of short positions and suggested that some participants were reluctant to hold short positions due to supply risks related to sanctions uncertainty.
Meanwhile, UBS analyst Giovanni Staunovo expects oil prices to remain supported. “The increase in oil in transit has not yet generated an increase in onshore inventories,” he stated.
“Although we expect prices to fall towards the lower end of the trading range in the coming months, we maintain a more constructive outlook for the second half of 2026,” he concluded.
