Oil falls even as supply concerns ease

Oil drilling rigs

Oil prices fell at the close of trading today, Nov. 17, as loading operations resumed at Russia's Novorossiysk port, following a two-day halt after a Ukrainian attack on oil facilities.

At the close, benchmark Brent crude futures for January delivery fell 0.3%, or 19 cents, to $64.20 a barrel.

WTI crude oil futures for December delivery declined 0.3%, or 18 cents, to $59.91 a barrel.

Both crude benchmarks rose more than 2% on Nov. 14 after exports from the Russian port were suspended, affecting the equivalent of 2% of global supplies. The port resumed loading oil on Nov. 16, easing some concerns about supply disruptions.

The Energy Information Administration said in a statement today that the number of oil drilling rigs in the United States fell to 517 in October 2025, compared to about 750 in December 2022.