Oil prices dipped on Tuesday as supply concerns eased with the resumption of loadings at a Russian export hub, briefly halted by a Ukrainian drone and missile strike, while traders continued to assess the impact of Western sanctions on Russian flows.
Brent crude futures were down 46 cents, or 0.72%, at $63.74 a barrel, as of 0420 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 45 cents, or 0.75%, at $59.46 a barrel.
Russia’s Novorossiysk port resumed oil loadings on Sunday following a two-day suspension triggered by a Ukrainian missile and drone attack, according to two industry sources and LSEG-compiled data.
Crude oil is trading marginally lower “as reports indicate that loadings have resumed sooner than expected at Novorossiysk,” IG analyst Tony Sycamore wrote in a note.
Exports from Novorossiysk and a nearby Caspian Pipeline Consortium terminal, together representing about 2.2 million barrels per day, or roughly 2% of global supply, were halted on Friday, pushing crude up more than 2% that day. Traders are now refocusing on the longer-term impact of Western sanctions on Russian oil flows.
