International oil prices edged lower on Monday after Russia's Novorossiysk export hub resumed loadings following a two-day suspension caused by Ukrainian attacks on Black Sea ports.

The December WTI crude contract on the New York Mercantile Exchange fell $0.18 (0.30%) to settle at $59.91 per barrel. Brent crude futures declined $0.19 (0.3%) to close at $64.20 per barrel.

Both benchmarks had gained over 2% on Friday, posting modest weekly gains after export suspensions at Novorossiysk and the nearby Caspian Pipeline Consortium terminal disrupted crude supplies equivalent to 2% of global output.

According to two industry sources and LSEG data, Novorossiysk resumed oil loadings on Sunday.

However, market attention remains focused on Ukrainian strikes against Russian energy infrastructure. Ukraine's military claimed attacks on Ryazan refinery on Saturday, while Kyiv's general staff reported strikes on Novokuibyshevsk refinery in Samara region on Sunday.

"Investors are assessing the potential long-term impact of Ukrainian attacks on Russian crude exports," said Toshitaka Tani, analyst at Fujitomi Securities.

Markets are also monitoring Western sanctions' effects on Russian supply flows. The U.S. has imposed sanctions banning transactions with Lukoil and Rosneft after November 21 to pressure Moscow into Ukraine peace talks.

OPEC+ this month agreed to maintain its December production target increase of 137,000 bpd, matching October and November levels. The group also approved pausing output hikes in Q1 2024.

ING forecasts substantial oil market oversupply until 2026 but warns of rising supply risks from Ukrainian drone attacks on Russian energy facilities. The bank also noted Iran's seizure of a tanker in the Gulf of Oman after it transited the Strait of Hormuz, a vital conduit for about 20 million bpd of global oil shipments.

Latest positioning data shows speculators increased ICE Brent net long positions by 12,636 lots to 164,867 contracts in the week ending last Tuesday. ING attributed this mainly to short-covering, suggesting some traders are reluctant to hold bearish positions amid sanction-related supply uncertainties.

Meanwhile, UBS analyst Giovanni Staunovo expects continued price support. "Rising floating storage hasn't translated into onshore inventory builds," Staunovo noted, adding that while prices may test the lower end of trading ranges in coming months, the bank maintains a constructive outlook for second-half 2026.