Oil prices down as exports resume via Russia's Novorossiysk port

Oil drilling rigs

Oil prices declined today, Nov. 17, as loading operations resumed at Novorossiysk, Russia's main export hub, after a two-day stoppage at the Black Sea port, which was attacked by Ukrainian forces.

Brent crude was trading down 0.9% at $63.81 a barrel, at 08:57 am Makkah time. West Texas Intermediate (WTI) dropped 1% to $59.50 a barrel.

Both crude benchmarks rose more than 2% on Nov. 14 after exports were suspended at the port of Novorossiysk and a terminal belonging to the Caspian Pipeline Union, affecting the equivalent of 2% of global supplies. The port resumed loading oil on Nov. 16, easing some concerns about supply disruptions.

This comes after the Ukrainian forces targeted the Ryazan oil refinery in Russia on Saturday, while the Ukrainian General Staff announced on Sunday that it had carried out another strike on the Novokuybyshevsk oil refinery in the Samara region of Russia, Reuters reported.