Crude prices fell on Monday as crude oil loading resumed at Russia’s Novorossiysk port.Ukraine attacked the Novorossiysk port and a nearby Caspian Pipeline Consortium terminal on Friday. The damage caused by the attack has halted about 2% of global oil exports, sending Brent and WTI prices up more than 2%.
While global oil markets are expected to remain oversupplied until 2026, supply risks are on the rise. Ukrainian drone attacks on Russian energy infrastructure are also said to be increasing.
According to the latest data, participants increased their ICE Brent net long positions by 12,636 lots last week, to a total of 164,867 lots. With sanctions and supply risks, many investors are now reluctant to put money in, thinking prices will fall.
