A small cargo ship next to an LNG tanker on the Tagus River off Lisbon, Portugal.
Doha, Qatar: Oil prices settled marginally higher on Friday after data showed an overall slowdown in US inflation, helping offset supply concerns as OPEC+ is leaning towards a resumption in production increases.
Brent crude futures settled at $67.75, and US West Texas Intermediate crude (WTI) finished at $62.89. For the week, Brent fell 0.4%, while WTI fell 1.0%, noted Al-Attiyah Foundation in its Weekly Energy Market Review.
US consumer prices increased less than expected in January amid cheaper gasoline prices and a moderation in rental inflation.
Reuters reported that OPEC is leaning towards a resumption in oil output increases from April, ahead of upcoming peak summer fuel demand.
Oil prices rose earlier in the week on fears the US could attack Iran over its nuclear programme, but fell after President Donald Trump said a deal with Tehran could be reached within a month.
Asia spot liquefied natural gas fell last week, amid a drop in Japanese inventories, while overall demand remains weak ahead of the Lunar New Year holiday.
The average LNG price for March delivery into north-east Asia was $10.65 per million British thermal units (mmBtu), down from $11.70 per mmBtu the week before.
Amid weak economic data from China and the approaching Lunar New Year, portfolio managers lacked strong reasons to make market moves.
In Europe, the Dutch TTF gas price settled at $11.30 per mmBtu on Friday, posting a weekly loss of 6.4%, ahead of a drop in temperatures over the weekend.
