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Doha, Qatar: Oil prices closed lower on Friday as a supply glut and a potential Russia-Ukraine peace deal outweighed worries about any impact from the US seizure of an oil tanker near Venezuela.
Brent crude futures settled at $61.12, while US West Texas Intermediate (WTI) crude finished at $57.44. For the week, Brent fell 4.1% and WTI fell 4.4%, noted Al-Attiyah Foundation in its Weekly Energy Market Review.
The US seized a sanctioned oil tanker off the coast of Venezuela, President Donald Trump said on Wednesday. The US is preparing to intercept more ships transporting Venezuelan oil, said sources close to the matter.
Traders and analysts largely shrugged off worries about the impact of the tanker seizure, pointing to ample supply in the markets. Meanwhile, data in OPEC’s report, issued on Thursday, indicated that world oil supply will match demand closely in 2026.
Asian spot liquefied natural gas prices fell to a 20-month low on ample supplies and mild weather, encouraging some buying from price-sensitive importers.
The average LNG price for January delivery into north-east Asia was $10.00 per million British thermal units (mmBtu), down from $10.66 per mmBtu last week, industry sources estimated.
Softer prices have encouraged some Indian buyers to increase purchases, as well as buying interest from Chinese importers. This spot demand, however, is mostly limited to opportunistic price-sensitive demand, with northeast Asian utilities largely well stocked.
