Oil prices set for second straight weekly drop on signs of growing supply surplus
<p>Doha, Qatar: Oil weakened on Friday, set for a second straight weekly decline, as the market weighed signs of a growing global supply surplus and Washington’s focus on blockading Iran while ramping up other economic pressures in the nine-month war.</p> <p>Brent crude futures settled at $95.84 a barrel, and U.S. WTI crude finished at $88.56 a barrel. For the week, Brent and WTI fell by…
Doha, Qatar - Oil prices are anticipated to drop for the second consecutive week as market indicators highlight an expanding global supply surplus and heightened economic tensions surrounding Iran, according to the Al-Attiyah Foundation's Weekly Energy Market Review. Brent crude futures closed at $95.84 per barrel, while U.S. WTI crude ended at $88.56 per barrel, marking a 2.5% decline for both over the week.
The recent volatility in oil markets is attributed to fluctuating hopes for US-Iran reconciliation, counterbalanced by the Houthis' assaults on Saudi Arabian infrastructure and attacks on crude tankers in the Gulf. Softened US demand has also contributed to the price decline, as soaring refined products and oil imports have led to a surge in US crude and fuel inventories.
Asian spot liquefied natural gas (LNG) prices experienced a slight decrease last week but remained close to a four-year peak due to uncertainties surrounding US-Iran diplomatic relations and limited European storage capacities. A faster pace of cargo flows through the Strait of Hormuz is evident, with 16 shipments recorded in November against the 26 shipments in October.
In Europe, the Dutch TTF gas price rose by 3.0% to $28.74 per mmBtu, reflecting increased competition from Europe amidst persistent cold weather forecasts.
Written by urgent.news from The Peninsula Qatar Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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