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Oil prices eased about 1% on Friday to settle at one-month lows as the US pushed for a Russia-Ukraine peace deal that could boost global oil supplies, while uncertainty over US interest rates curbed investors’ risk appetite.
Brent crude futures settled at $62.56, while US West Texas Intermediate (WTI) crude finished at $58.06. For the week, Brent fell by 2.8% and WTI fell by 3.4%, noted Al-Attiyah Foundation in its Weekly Energy Market Review.
Market sentiment turned bearish as Washington pushed for the Ukraine-Russia peace plan, even as sanctions on Russian oil producers Rosneft and Lukoil were set to take effect on Friday. Russia was the second-biggest producer of oil in the world after the US in 2024.
Meanwhile, a stronger US dollar also weighed on oil prices. The greenback hit a six-month high versus a basket of other currencies, making dollar-priced oil more expensive for many global buyers.
Asian spot liquefied natural gas (LNG) prices rose slightly this week but remained around the $11 area on well-stocked inventories and weak demand.
The average LNG price for December delivery into northeast Asia held at $11.66 per million British thermal units (mmBtu), industry sources estimated.
Asian spot gas prices built up their premium to European gas prices for near months at the TTF hub, mainly to account for an increase in spot charter rates that meant drawing cargoes over longer distances to Asia rather than Europe would cost more.
In Europe, Dutch and British gas prices edged lower on Friday as expectations of stronger wind power output and warmer temperatures curbed gas demand. Prices rose earlier last week as a cold spell drove heating demand higher.
The Dutch TTF price settled at $10.20 per mmBtu, recording a weekly loss of 3.4%.
