Oil slips as loadings resume at Russian hub; markets weigh sanctions impact

Oil prices dipped on Tuesday as supply concerns eased with the resumption of loadings at a Russian export hub, briefly halted by a Ukrainian drone and missile strike, while traders continued to assess the impact of Western sanctions on Russian flows. Brent crude futures were down 28 cents, or 0.4%, at $63.92 a barrel, as of 0100 GMT. US West Texas Intermediate (WTI) crude futures were down 26 cents, or 0.4%, at $59.65 a barrel. 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 LSEG-compiled data. Crude oil is trading marginally lower “as reports indicate that loadings have resumed sooner than expected at Novorossiysk,” IG analyst Tony Sycamore wrote in a note.