Brent crude oil futures fell to $63.8 per barrel on Monday, paring gains from the previous session after Russia’s Novorossiysk port resume oil loading operations following a two-day shutdown caused by a Ukrainian drone strike. On Sunday, two crude tankers, the Arlan and the Rodos, along with the Yanbu oil-product carrier, had already docked at the terminal, signaling that export flows were returning to normal. The disruption at Russia’s second-largest oil export hub had supported a modest weekly gain in oil prices last week. Further weighing on prices were concerns about a looming oversupply. The IEA recently warned that the oil market could face a significant surplus next year, potentially reaching about 4 million bpd as both OPEC and non-OPEC producers boost production amid slowing demand growth.