Oil prices settle down at lowest in a month as US seeks Russia-Ukraine peace deal

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,...

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.