Oil prices held steady on Monday as Russia resumed loadings at the Novorossiysk export terminal following a two-day suspension caused by a Ukrainian attack on the Black Sea hub. Brent crude slipped 8 cents, or 0.1%, to $64.31 a barrel by 12:49 p.m. ET (1749 GMT), while U.S. West Texas Intermediate (WTI) crude eased 10 cents, or 0.2%, to $59.99. Both benchmarks had gained over 2% on Friday after the temporary halt at Novorossiysk and a nearby Caspian Pipeline Consortium facility, which had briefly disrupted about 2% of global oil supply.
According to industry sources and LSEG data, oil loadings at Novorossiysk resumed on Sunday. However, Ukraine’s continued strikes on Russian oil infrastructure kept traders cautious. Ukraine said over the weekend that its forces hit Russia’s Ryazan refinery and another facility in the Samara region.
“The early weakness in prices following the resumption of loadings was short-lived,” said Scott Shelton, energy specialist at TP ICAP Group. Analysts noted that investors remain focused on how recurring Ukrainian attacks could affect Russia’s crude exports in the long term.
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