Oil prices dipped in early Asian trading on Monday as crude loadings resumed at Russia’s key export hub of Novorossiysk. Brent crude futures fell to $63.75 per barrel, while WTI crude futures dropped to $59.43 per barrel. Last week’s rally was fueled by disruptions at Novorossiysk and neighbouring terminals, easing immediate supply concerns.

Ukrainian forces continue attacks on Russian oil infrastructure, striking the Ryazan refinery. Oversupply concerns persist due to OPEC+ decisions. Sanctions on Russian oil firms like Lukoil and Rosneft are set to deepen after 21 November. U.S. rig counts rose to 417, signaling increased upstream activity.

Although exports have resumed at Novorossiysk, threats to supply remain. Ongoing attacks on Russian infrastructure, sanctions impact, and OPEC+ production ramp-up keep traders vigilant. Geopolitical intelligence and market insights are crucial for navigating the volatile oil market landscape.

Read more at Yahoo Finance: Oil Prices Slip as Critical Russian Port Comes Back Online