08:56 AM EST, 11/17/2025 (MT Newswires) -- Oil prices edged higher early on Monday, but remains firmly rangebound amid high supply and reports Russia has resumed exports from its Novorossiysk port in the Black Sea following Ukrainian attacks on the facility last week.

West Texas Intermediate (WTI) crude oil for December delivery was last seen up US$0.29 to US$60.36 per barrel, while January Brent oil was up US$0.30 to US$64.69.

Ukrainian attacks on Russia's key Black Sea port last week briefly caused the suspension of 2.2-million barrels per day of exports. pushing prices up by more than 2%. However Reuters reported tanker loadings have resumed at the port.

The price of the commodity has remained firmly rangebound since late October as production inside and outside of the OPEC+ cartel has risen above demand, swelling global inventories. Major forecasting agencies last week warned the oversupply is likely to pressure prices at least until mid-2026.

However despite the rising supply, strong demand for refined products and Ukraine's attacks on Russia's refineries and oil infrastructure, as well as promised U.S. sanctions on Russia's largest producers, have kept WTI prices near the US$60.00 per barrel since late October.

"The glut of oversupply stories once again started to shout louder and if it were not for another successful drone attack by Ukraine into the Black Sea port of Novorossiysk causing a halt to oil exports estimated to be around 2 percent of global supply, prices might just have finished in much more of a negative state," PVM Oil Associates noted.