Oil falls as Russia resumes crude exports

Oil drilling rigs

Oil prices declined today, Nov. 18, as Russian crude exports resumed after they were temporarily halted by Ukrainian attacks.

Brent crude was trading down 0.65% at $63.78 a barrel, at 08:57 am Makkah time. West Texas Intermediate (WTI) dropped 0.65% to $59.51 a barrel.

According to Goldman Sachs, oil prices are expected to fall during 2026 due to a supply glut in the market. However, the bank indicated that the price of Brent crude could rise above $70 a barrel in 2026 and 2027 if Russian production falls sharply, Reuters reported.

The American Petroleum Institute's report on US oil inventories is expected later today, ahead of the official data release from the US Energy Information Administration on Nov. 19.