Oil falls for the second consecutive day

Brent crude oil futures fell to $63.7 per barrel on Tuesday, extending the previous session’s losses as mounting concerns over excess supply overshadowed the impact of upcoming US sanctions on Russian oil.

The broader market outlook remains firmly bearish, with analysts warning of a potential supply glut later this year and into 2026 as both OPEC and non-OPEC producers lift output at a time when global demand growth is slowing.

Sentiment was further pressured by reports that Russia’s Novorossiysk port resumed oil loadings on Sunday, following a two-day shutdown caused by a Ukrainian drone strike. The quick recovery at Russia’s second-largest oil export hub eased near-term supply fears and added downward pressure to prices.

At the same time, traders are closely monitoring the US sanctions targeting Russian oil giants Rosneft and Lukoil, which will take effect on November 21. The measures have already prompted major buyers—including China, India, and Turkey—to halt purchases and secure alternative supplies, reshaping trade flows across the global market.

Even so, several geopolitical flashpoints continue to pose upside risks. Recent attacks in Sudan, Iran’s seizure of an oil tanker in Gulf waters last week, and the possibility of US military action in Venezuela all carry the potential to disrupt exports and inject volatility into the market.

WTI crude oil futures likewise declined to $59.4 per barrel on Tuesday, marking a second straight day of losses amid the same concerns driving the broader energy market: rising global supply, slowing demand growth, and the restored operations at Russia’s Novorossiysk port.