Brent Rises Over 1%

2025-11-14 01:47 By Kyrie Dichosa 1 min. read

Brent crude oil futures climbed over 1% toward $64 per barrel on Friday, on track to snap a two-week losing streak, supported by supply risks.

Ukrainian drones hit Russia’s Black Sea port of Novorossiysk overnight, following a major Russian airstrike on Kyiv.

Meanwhile, Russia's Lukoil has begun cutting staff across its global oil trading units just days before the US sanctions take effect, marking one of the earliest visible impacts.

Analysts also warned that nearly a third of Russia’s seaborne oil exports could be stranded in tankers due to rerouting and slower unloading, a situation worsened by India and China suspending purchases of Russian crude.

Still, bearish pressure persisted as the IEA warned of a growing oil glut, with supply expected to exceed demand by 2.4 million barrels per day this year and 4 million next, while also projecting consumption growth through 2050.

OPEC also reported a Q3 surplus, and higher US output alongside another inventory build.



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