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Oil Falls on Signs Russia’s Novorossiysk Port Resumes Operations
Oil dropped following signs that activity had resumed at the key Russian port of Novorossiysk on the Black Sea, after a Ukrainian strike last week led to some damage and a suspension of operations.
Brent slipped below $64 a barrel after closing more than 2% higher on Friday following the attack, and West Texas Intermediate fell toward $59. Two tankers moored on Sunday at Novorossiysk, indicating operational activity at the terminals, while Reuters reported that crude loading had resumed.