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Investing.com-- Oil prices fell in Asian trading on Monday, giving back part of last session’s strong gains, after Russia’s Novorossiysk port resumed crude loadings, easing immediate concerns over supply disruption.
As of 21:28 ET (01:28 GMT), Brent Oil Futures expiring in January fell 0.9% to $63.80 per barrel, while West Texas Intermediate WTI crude futures slipped 1% to $59.47 per barrel.
Oil prices retreat as Russian port activity resumes
Brent and WTI had surged more than 2% on Friday after Ukraine launched a high-profile attack on Novorossiysk and a nearby Caspian Pipeline Consortium (CPC) terminal, causing damage and halting exports equivalent to roughly 2% of global supply.
By Sunday, however, media reports said that tanker-tracking data showed tankers were again loading crude at the port.
While the resumption of loadings helped ease the immediate supply crunch, markets remain cautious. Ukraine’s military said it attacked Russia’s Ryazan refinery on Saturday and the Novokuibyshevsk refinery in the Samara region on Sunday, raising fresh concerns over long-term disruptions.
Traders assess supply risks
The market is also focused on tightening U.S. sanctions. Washington has imposed new restrictions barring companies from dealing with Russian oil majors Lukoil and Rosneft after Nov. 21, forcing buyers to unwind contracts and raising questions over how much crude could be stranded.
"While the oil market is expected to remain in a large surplus through 2026, it is also facing growing supply risks. The scale and intensity of Ukrainian drone attacks on Russian energy infrastructure are picking up," ING analysts said in a note.
"Risks are also emerging elsewhere, with Iran seizing an oil tanker in the Gulf of Oman after it passed through the Strait of Hormuz. The Strait is a key choke point for the global oil market, with around 20m b/d passing through it," they added.