WTI crude oil futures rose over 1.5% to $63.5 a barrel on Friday, after a Ukrainian drone strike halted loadings at Russia’s Primorsk port, its largest oil terminal. Operations at Primorsk and pumping stations to Ust-Luga were suspended, though claims remain unverified. Satellite data showed two tankers still moored at the port, while officials reported a fire on a vessel was quickly contained. The attack, among Ukraine’s largest, heightened supply risks. Meanwhile, the IEA projected stronger global supply this year as OPEC+ boosts output, with Saudi Arabia increasing exports to China to 1.65 mbpd in October. OPEC maintained solid demand forecasts for 2025–26. Russia’s oil revenues hit near-record lows in August, and loadings at Kozmino port are set to decline. Broader sentiment was also supported by expectations of Fed rate cuts after soft US data, which could bolster demand, even as US crude stocks rose by 3.9 million barrels.
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