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Oil prices edged lower on Tuesday as concerns about global supply eased following the restart of crude loadings at Russia’s Novorossiysk export hub. The facility had halted operations for two days after a Ukrainian drone and missile strike, but activity resumed sooner than expected, according to industry sources and LSEG data. Brent crude slipped 0.4% to $63.92 per barrel, while U.S. West Texas Intermediate (WTI) dipped 0.4% to $59.65.
Analysts noted that the quick resumption of exports helped cool the price rally triggered late last week, when the temporary shutdown of Novorossiysk and the nearby Caspian Pipeline Consortium terminal—together supplying roughly 2.2 million barrels per day, or about 2% of global supply—pushed crude prices up more than 2%. IG analyst Tony Sycamore said the market reacted as loadings “resumed sooner than expected,” easing immediate supply fears.
With operations normalizing, traders have shifted their focus back to the broader implications of Western sanctions on Russian oil flows. The U.S. Treasury said restrictions imposed in October on major producers Rosneft and Lukoil are already squeezing Moscow’s revenues and are expected to gradually reduce export volumes. ANZ analysts added that Russian crude is now trading at a notable discount to global benchmarks as buyers factor in geopolitical and compliance risks.
Meanwhile, political pressure surrounding Russia continues to intensify. A senior White House official said President Donald Trump is prepared to sign new sanctions legislation as long as he maintains final authority over enforcement. Trump also revealed that Republicans are drafting a bill targeting any country conducting business with Russia, potentially widening penalties to include Iran.
Looking ahead, Goldman Sachs expects oil prices to trend lower through 2026 due to an anticipated surge in global supply. However, the bank noted that Brent crude could rebound above $70 per barrel in 2026 or 2027 if Russian production declines more sharply than forecast.
