Oil prices fell on Monday, November 17, after loading resumed at russia's key export hub of Novorossiysk after a halt caused by the Ukrainian attack.
Ekonomichna Pravda has reported this with reference to Reuters.
The report says that Brent futures fell by 44 cents, or 0.68%, to USD 63.95 per barrel.
US West Texas Intermediate crude oil futures were trading at USD 59.61 a barrel, down 48 cents, or 0.8%, from Friday's close.
Both benchmarks rose more than 2% on Friday, ending the week with small gains after exports were suspended at the port of Novorossiysk and a nearby Caspian Pipeline Consortium terminal, affecting 2% of global supply.
The port of Novorossiysk resumed loading oil on Sunday, according to two industry sources and LSEG, but increased Ukrainian attacks on russian oil infrastructure remain a focus with further disruptions likely.
Ukraine's military said on Saturday that it had hit an oil refinery in Ryazan, and Kyiv's General Staff said on Sunday that it had attacked the Novokubyshevsk refinery in russia's Samara Oblast.
"Investors are trying to gauge how Ukraine's attacks will affect Russia's crude exports in the long term," said Fujitomi Securities analyst Toshitaka Tazawa.
"Overall, the perception of oversupply due to OPEC+ production increases remains," he added, noting that the price of WTI is likely to remain around USD 60 per barrel, fluctuating within USD 5.
Investors are also watching the impact of Western sanctions on russian oil supplies and trade flows.
The United States imposed sanctions banning deals with russian oil companies Lukoil and Rosneft after Nov. 21 to force moscow to the negotiating table over Ukraine.
On Sunday, US President Donald Trump said that Republicans are working on legislation that would impose sanctions on any country that does business with Russia, and noted that Iran could be added to the list.
As the Ukrainian News agency earlier reported, oil prices rose on Monday, November 10 on optimism, that the US government may soon reopen and this will boost demand in the world's largest oil consumer, offsetting concerns about growing supplies around the world.
Russian oil pipeline company Transneft has suspended oil pumping to the oil terminal in the port of Novorossiysk, which was attacked by the Ukrainian Defense Forces on the night of November 13-14.
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