Oil prices fall in Asia after resumption of Russian oil loading.

Arabian Sea Newspaper - Special

Arab Sea - Follow-ups: Oil prices fell in Asian markets on Monday morning, giving up last week's gains, after loading operations resumed at the major Russian Black Sea port of Novorossiysk, following a two-day halt due to a Ukrainian attack. Brent crude futures fell 58 cents (0.9%) to $63.81 a barrel at 00:50 GMT, while U.S. West Texas Intermediate crude futures fell 59 cents (1%) to $59.50 a barrel. The two benchmarks had risen more than 2% on Friday, as exports were disrupted at the port of Novorossiysk and the Caspian Pipeline Consortium terminal, affecting about 2% of global supply. Oil industry sources and London Stock Exchange data confirmed that loading in Novorossiysk resumed on Sunday, amid continued concerns about increasing Ukrainian attacks targeting Russian oil infrastructure, as the Ukrainian army announced the recent bombing of two Russian refineries. Analyst Toshitaka Tazawa explained that investors are trying to assess the long-term impact of these attacks on Russian oil exports, while taking profits after Friday's rise. He added that the global supply surplus resulting from increased OPEC+ production still exists, expecting West Texas Intermediate crude to remain around $60 with a fluctuation within a $5 range.