Novorossiysk: Oil prices fell in early Asian trading on Monday, surrendering part of last week’s gains, as crude loadings resumed at Russia’s key export hub in Novorossiysk. The operations were halted for two days due to Ukrainian attacks.

According to Qatar News Agency, Brent crude futures decreased by $0.58, or 0.9%, reaching $63.81 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude declined by $0.59, or 1.0%, settling at $59.50 per barrel.

Both Brent and WTI benchmarks had seen an increase of more than 2% on Friday. The week ended on a slightly higher note following the temporary shutdown of the Novorossiysk port and the nearby Caspian Pipeline Consortium terminal, which together manage oil volumes that account for approximately 2% of the global oil supply.