WTI crude oil futures fell to $59.5 per barrel on Monday, paring gains from the previous session after Russia’s Novorossiysk port resumed operations following a two-day shutdown caused by a Ukrainian drone strike. Reports indicated that two crude tankers were moored at the port on Sunday, signaling ongoing activity at the terminals. The disruption at Russia’s second-largest oil export hub had pushed crude prices up more than 2% on Friday to close the week with a modest gain. Meanwhile, President Trump on Sunday said that Republicans are drafting a bill to sanction any country trading with Russia and mentioned that Iran could be added to the list. Still, the outlook for the oil market remains bearish, with expectations of a supply glut later this year and next, as both OPEC and non-OPEC producers increase output amid slowing demand growth.
