Energy Oil

Oil steadies as markets weigh Russia sanctions and glut forecasts

Photo caption: Oil

 

*US Treasury says sanctions are squeezing Mscow’s revenue

*Russian oil loadings at Novorossiysk resume after Ukraine attack

*Oil prices to fall next year, says Goldman Sachs

 

Oil prices steadied on Tuesday, regaining ground after early losses, as traders weighed the impact of Western sanctions on Russian oil flows against an expected supply surplus next year.

Brent crude was up 2 cents at $64.21 a barrel by 1031 GMT. U.S. West Texas Intermediate (WTI) crude gained 6 cents to $59.97.

A senior White House official said that U.S. President Donald Trump is willing to sign Russia sanctions legislation as long as he retains final authority over its implementation.

Trump said on Sunday that Republicans are drafting a bill to impose sanctions on any country doing business with Russia, adding that Iran could also be included.

Meanwhile, Russia’s Novorossiysk port resumed oil loadings on Sunday after a two-day suspension triggered by a Ukrainian missile and drone attack, according to two industry sources and data compiled by LSEG.

Exports from Novorossiysk and a nearby Caspian Pipeline Consortium terminal, together representing about 2.2 million barrels per day, or roughly 2% of global supply, were halted on Friday, pushing crude prices up more than 2% that day.

Oil prices are expected to decline through 2026, Goldman Sachs said on Monday, citing a supply wave that keeps the market in surplus. However, it noted that Brent could rise above $70 a barrel in 2026/2027 if Russian output falls more sharply.

=== Reuters ===

 

 

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