DOHA: Oil prices steadied on Friday amid uncertainty surrounding a potential peace deal between Russia and Ukraine, with prices gaining on the week for the first time in three weeks.
Brent crude futures settled up 6 cents or 0.09% to $67.73.
West Texas Intermediate (WTI) crude futures settled up 14 cents or 0.22% to $63.66.
Both contracts gained more than 1% in the previous session.
Brent gained 2.9% last week while WTI rose 1.4%.
US President Donald Trump said on Friday he will see if Russian President Vladimir Putin and Ukraine President Volodymyr Zelenskiy will work together in ending Russia’s war in Ukraine.
According to report by Al-Attiyah Foundation, the 3-1/2-year war continued unabated last week as Russia launched an air attack on Thursday near Ukraine’s border with the European Union, and Ukraine said it hit a Russian oil refinery and the Unecha oil pumping station, a critical part of Russia’s Europe-bound Druzhba oil pipeline.
Russian oil supplies to Hungary and Slovakia could be suspended for at least five days.
Meanwhile, US and European planners have presented military options to their national security advisers after the first in-person meeting between the US and Russian leaders since Russia invaded Ukraine.
Oil prices were also supported by a larger-than-expected drawdown from US crude stockpiles in the past week, indicating strong demand.
Stocks fell by 6 million barrels last week, the US Energy Information Administration said.
Asian spot liquefied natural gas (LNG) prices were slightly down last week on high storage inventories, continued weak demand and lack of progress on peace talks for Ukraine.
The average LNG price for October delivery into north-east Asia was at $11.40 per million British thermal units (mmBtu), down from $11.65 per mmBtu last week, industry sources estimated.
Analysts expect further downside to Asian LNG prices, as storage levels remain elevated, while the supply picture continues to firm.
Although Japan’s summer heat continues, demand for November heating is lagging.
Meanwhile, China is leaning more heavily on domestic gas and pipeline imports, reducing reliance on spot LNG and South Korea is well-stocked, exerting further downside pressure.
Moreover, some national oil companies (NOCs) in China were re-offering cargoes, while higher stocks limited injection demand, and strong hydro generation in Guangdong weighed on gas generation economics.
In Europe, gas prices steadied on Friday around firmer levels reached in the previous session, as attention turns to upcoming heavy maintenance in Norway and gas storage filling needs before the winter.
LNG imports into the continent remain healthy with expectations for an uptick in procurement of the super-chilled fuel ahead of the heating season.
The futures price at the Dutch TTF hub settled at $11.47 per mmBtu, recording a weekly gain of more than 8%.