WASHINGTON (dpa-AFX) - Oil prices traded lower on Monday after a Russian export terminal resumed operations. The downside remained limited as new Russian sanctions loomed, and Ukraine continued strikes on Russian oil infrastructure.
Benchmark Brent crude futures fell 0.6 percent to $63.98 a barrel while WTI crude futures were down 0.7 percent at $59.55.
Fears of supply disruptions have eased as activity resumed at the key Russian export hub of Novorossiysk after a two-day suspension triggered by a Ukrainian strike. Novorossiysk resumed operations on Sunday, according to industry sources and LSEG data.
On the geopolitical front, drones struck the Orlovskaya combined heat and power plant in the Russian city of Oryol for the second time in recent weeks late on November 16, according to Ukrainian defense outlet Militarnyi and Russian media reports.
The latest incident follows a series of attacks on the plant and the surrounding region this autumn.
Russian forces also targeted energy and port infrastructure in multiple cities in Ukraine's Odesa region overnight, damaging several ships, killing three people and injuring a further 13.
It was said that the attacks caused a fire at the port in Odesa, leaving 36,500 households without power.
Meanwhile, U.S. President Donald Trump on Sunday said that Republican lawmakers are working on legislation that will impose strict sanctions on any country engaged in business or trade with Russia.
He also indicated that Iran may be added to the list of nations that could face penalties under the proposed law.
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