Jakarta, hitclubapk3 Indonesia
—
Price
crude oil
The world fell in today’s trading, Tuesday (18/11) as market concerns subsided about
supply
after the main export port
Russia
back to delivery service.
Activities at Russia’s main export port, the Port of Novorossiysk, were halted after being attacked by Ukrainian missiles.
On the other hand, traders are keeping a close eye on the impact of Western sanctions on Russian flows.
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The price of Brent crude oil futures fell 28 cents or 0.4 percent to US$63.92 per barrel.Meanwhile, the price of US West Texas Intermediate (WTI US) crude oil fell 26 cents or 0.4 percent to US$59.65 per barrel.
“Crude traded slightly lower as reports showed loading had resumed quicker than expected at Novorossiysk,” IG analyst Tony Sycamore was quoted as saying
Reuters.
Last Sunday (16/11), Russia’s Novorossiysk port resumed oil deliveries after a two-day suspension triggered by Ukrainian missile and drone attacks.
Exports from Novorossiysk and the nearby Caspian Pipeline Consortium terminal ship about 2.2 million barrels per day and about 2 percent of global oil supplies.Oil prices also shot up more than 2 percent when activity was stopped last Friday.
Now, the market is again focused on the long-term impact of Western sanctions on Russian oil flows.
The US Treasury Department said sanctions imposed in October on Russian oil companies Rosneft and Lukoil had hit Moscow’s oil revenues and were expected to hit Russian export volumes over time.
“Moscow crude has started trading at a significant discount to global benchmark prices,” ANZ said in a note.
Oil prices are expected to fall through 2026, Goldman Sachs said Monday, citing a large surge in supply that has kept the market in surplus.However, Brent oil could rise above US$70 per barrel in 2026/2027 if Russian production falls more sharply.
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