Oil prices dipped on Monday, settling around $63.9 per barrel, as investors digested the reopening of Russia’s Novorossiysk port following a two-day closure caused by a Ukrainian drone strike.
On Sunday, two crude tankers were reported at the port, signaling that operations were largely back to normal.
The temporary disruption had pushed prices up more than 2% last Friday, but the broader market is still under pressure. On November 17, oil traded at $64.03 per barrel, down 0.57% from the previous day.
Over the past month, prices have risen nearly 5%, yet they remain 12.65% lower than a year ago, reflecting concerns over slowing demand and rising supply. OPEC and non-OPEC producers continue to ramp up output, leaving traders cautious about the outlook for the coming months.
Geopolitics is adding another layer of uncertainty. U.S. President Donald Trump said on Sunday that Republicans are drafting a bill to sanction any country trading with Russia, hinting that Iran could be included.
While such moves could tighten supply, the market is still grappling with the bigger picture: more oil flowing globally than is being consumed, keeping prices under check.
