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Oil Prices Fall After Loading Resumed At A Major Russian Port

Novorossiysk: Oil prices fell in early Asian trading on Monday, after last week's gains, following the resumption of loading operations at Russia's Novorossiysk port, a major Black Sea crude export hub, after a two-day halt due to a Ukrainian attack. Brent crude futures fell 58 cents, or 0.9%, to $63.81 a barrel at 00:50 GMT, while US West Texas Intermediate crude futures dropped 59 cents, or 1%, to $59.50 a barrel. According to National Iraqi News Agency, both benchmarks had risen more than 2% on Friday after exports were suspended at the Novorossiysk port and a Caspian Pipeline Union terminal, affecting about 2% of global supply. In production matters, OPEC+ agreed to increase output for October and November, with further increases suspended during the first quarter of next year.