Doha, Qatar: Oil prices fell over 1% lower on Friday and recorded for their biggest weekly losses since the end of March, as traders turned cautious ahead of an OPEC+ meeting to decide the group’s output policy for June. US West Texas Intermediate crude futures dropped 95 cents, or 1.6%, to settle at $58.29 a barrel, noted Al-Attiyah Foundation in its Weekly Energy Market Review.
Brent crude futures closed down 84 cents, or 1.4%, at $61.29 a barrel. For the week, Brent fell over 8% and WTI lost about 7.7%. The OPEC+ meeting was moved up to Saturday from the original plan of Monday, although it was not clear why the meeting was rescheduled. Members of the group, which includes the Organization of the Petroleum Exporting Countries and its allies, are deliberating whether to make another accelerated oil output increase in June or stick with a smaller hike, sources said.
Either way, oil traders braced for more supply from the group, at a time when fears of an economic slowdown caused by a trade war between the US and China have prompted market experts to lower demand growth expectations for this year.
Prices of Asian spot liquefied natural gas (LNG) fell this week to a new one-year low on weak demand and as trade wars raise concerns over long-term Asian demand. The average LNG price for June delivery into north-east Asia was at $11.00 per million British thermal units (mmBtu), its lowest level since mid-May 2024 and down from $11.80 per mmBtu last week, industry sources estimated.
