Crude oil prices continued their downward movement on Tuesday following confirmation that shipments had resumed at a Russian oil facility previously struck by a Ukrainian drone attack.
Brent crude, the global benchmark, fell to $63.31 per barrel, representing a 0.67% decline from the previous close of $63.74. West Texas Intermediate also retreated by 0.72%, settling at $59.27 from $59.70 in the last session.
The resumption of operations on Sunday after a two-day disruption alleviated market fears of prolonged supply shortages, contributing to the latest price pullback.
Last week, Andrey Kravchenko, the head of the Novorossiysk region, confirmed via Telegram that multiple structures and public infrastructure were damaged in a significant Ukrainian drone attack. The assault also hit an oil depot, leading authorities to declare a temporary state of emergency.
Despite ongoing sanctions on Russia, analysts note that Moscow has found several alternative channels to sustain its oil exports, making long-term supply disruptions less likely unless geopolitical tensions escalate further.
Market participants are also closely tracking developments around US monetary policy. The probability of a Federal Reserve rate cut in December has slipped to 43%, according to money market pricing.
The minutes of the Federal Open Market Committee meeting, due Wednesday, are expected to provide additional clues on the Fed’s rate outlook. Any indication of easing could boost energy demand projections and lend support to oil prices.
