Oil prices were steady on Tuesday (November 18), regaining ground after a decline earlier in the session, as traders weighed the impact of Western sanctions on Russian oil flows compared to the expected supply surplus next year.

Brent crude rose 2 cents to $64.21 a barrel at 10:31 GMT. U.S. West Texas Intermediate (WTI) crude rose 6 cents to $59.97. "Traders are weighing the impact of the growing global surplus compared to U.S. sanctions disrupting Russian crude flows," said MUFG analyst Soojin Kim.

Both benchmarks were trading about 1% lower at the start of the session. The U.S. Treasury Department said sanctions imposed in October on Rosneft have depressed Moscow's oil revenues and are expected to curb Russian export volumes over time.

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

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

Meanwhile, Russia's Novorossiysk port resumed oil loading 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 the nearby Caspian Pipeline Consortium terminal, which together account for about 2.2 million barrels per day, or about 2% of global supply, were halted on Friday, pushing crude prices up more than 2% on the day.

Oil prices are expected to decline through 2026, Goldman Sachs said on Monday, citing a surge in supply that has kept the market in surplus. However, Goldman Sachs noted that Brent could rise above $70 per barrel in 2026/2027 if Russian production falls more sharply. (alg)

Source: Reuters.com