WTI slumps below $59.50 amid signs Novorossiysk port is reopening

• WTI price tumbles to $59.35 in Monday's Asian session. 
• Novorossiysk port resumes oil trade after Ukrainian attack. 
• Markets brace for a flood of delayed economic reports that could point to a slowing US economy.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $59.35 during the Asian trading hours on Monday. The WTI attracts some sellers following signs that activity had resumed at the key Russian port of Novorossiysk on the Black Sea. Traders await the release of the American Petroleum Institute (API) weekly crude oil stock report later on Tuesday. 

Russia's Novorossiysk port resumed oil loadings on Sunday after a Ukrainian strike last week led to some damage and a suspension of operations for two days. Russian crude oil shipments via Novorossiysk's Sheskharis terminal totalled 3.22 million tonnes, or 761,000 barrels a day, in October, according to industry sources. A total of 1.794 million tonnes of oil products were exported through Novorossiysk in October, the sources said. The resumption of operations eases concerns about a disrupted oil supply and weighs on the WTI price. 

The end of the US government shutdown and the restoration of federal workers' pay were expected to boost economic activity and demand for oil in the world's largest crude consumer. However, traders are concerned that the resumption of US economic data will show job market weakness and a potential slowdown. This could prompt the Federal Reserve (Fed) to reduce interest rates in December. Lower interest rates generally weaken the US Dollar (USD) as it makes oil cheaper for foreign buyers, boosting global demand and lifting WTI prices.