Doha: Oil prices settled 1 percent lower on Friday due to macroeconomic concerns and profit taking, but rose about 30 percent in the quarter as OPEC+ production cuts squeezed global crude supply. Front-month Brent November futures dropped 7 cents to $95.31 per barrel, up about 28 percent in the third quarter. US West Texas Intermediate crude (WTI) settled down 92 cents to $90.97, up 29 percent in the quarter.
With oil futures inching closer to $100 a barrel, many investors took profits on the rally given ongoing macroeconomic concerns. Oil and gas activity in three US energy producing states has been rising with the latest jump in prices.
In July, US crude production grew to its highest since November 2019, according to data from the Energy Information Administration. The US oil rig count, an early indicator of future output, fell by five to 502 in the week to September 29, the lowest since February 2022, energy services firm Baker Hughes said in its closely followed report on Friday.
The OPEC+ ministerial panel meeting is scheduled for October 4, and there is a reduced likelihood of supply cuts by Saudi Arabia. The supply cuts announced by OPEC+ are expected to dominate oil
prices for the remainder of this year.
Asian spot liquefied natural gas (LNG) prices rose for a third week, gaining $1 to a seven-month high, amid increased demand in Asia and supply concerns in Europe.
