Oil prices rose in a volatile session on Tuesday (November 18), as investors weighed the impact of Western sanctions on Russia’s oil flows, as well as U.S. President Donald Trump’s announcement that his administration has begun interviewing candidates for the next Chair of the Federal Reserve.
At the close of trading on November 18, Brent crude rose 69 cents (equivalent to 1.07%) to 64.89 USD per barrel. WTI crude gained 83 cents (equivalent to 1.39%) to 60.74 USD/oz.
WTI futures climbed more than 1 USD per barrel during afternoon trading, hitting an intraday high of 60.92 USD/oz after Trump revealed that interviews for the Fed Chair position were underway. Trump has sharply criticized current Fed Chair Jerome Powell for keeping interest rates steady.
Lower interest rates typically boost oil demand and push prices higher.
The U.S. Treasury Department stated that sanctions imposed in October 2025 on Rosneft and Lukoil have been squeezing Russia’s oil revenues and are expected to gradually restrict export volumes.
Investors are weighing the impact of rising global oversupply against U.S. sanctions disrupting Russia’s crude flows.
A senior White House official said Trump is willing to sign legislation imposing sanctions on Russia as long as he retains final authority over its enforcement.
On November 16, Trump said that the Republican Party is drafting a bill that would impose sanctions on any country that trades with Russia, adding that Iran could also face sanctions.
Russia’s Novorossiysk port resumed cargo loading on November 16 after two days of suspension due to a Ukrainian attack.
Goldman Sachs stated on November 17 that oil prices are forecast to decline through the end of 2026, citing a wave of excess supply. However, the bank also noted that Brent prices could rise to 70 USD per barrel in 2026/2027 if Russia’s production declines more sharply.
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