The Feb’26 Brent futures contract broke the $63/bbl handle this afternoon, before easing to $62.97/bbl at 17:00 GMT (time of writing). In the news, the Caspian Pipeline Consortium (CPC) stated that it has resumed oil shipments from Sing-Point Mooring 1 at its Novorossiysk terminal, following a Ukrainian drone attack over the weekend. The CPC accounts for approximately 80% of Kazakhstan’s oil exports and handles more than 1% of the world’s oil. Elsewhere, former Indian foreign minister Kanwal Sibal has said that the country could reduce its Russian crude imports by 50% but noted that the nations would still seek to circumvent US sanctions to maintain oil flows. In geopolitics, US Special Envoy Steve Witkoff is en route to Moscow and is set to meet Russian President Vladimir Putin this week; talks will centre on a 19-point, US-backed peace framework. Ukraine has tentatively supported the peace framework, but no official agreement has been made. Meanwhile, BP’s US-based Olympic Pipeline system has resumed full operations over the weekend, with nearly 2,300 gallons of refined products recovered. However, the total amount of leaked products continued to be assessed. In Brazil, Petrobras, the state-owned oil company, announced it will raise the average jet fuel price for distributors by 3.8%, starting December 1. Finally, the front-month Feb/Mar’26 and 6-month Feb/Aug’26 spreads are at $0.39/bbl and $0.77/bbl, respectively.
