Doha, Qatar: Oil prices gained on Friday as US buyers covered positions ahead of the three-day Memorial Day weekend amid worries over the latest round of nuclear talks between American and Iranian negotiators. Brent crude futures settled at $64.78 a barrel, up 34 cents, or 0.54%.
US West Texas Intermediate crude futures finished at $61.53, up 33 cents, or 0.54%, noted Al-Attiyah Foundation in its Weekly Energy Market Review.
The Memorial Day weekend kicks off the US summer driving season, the period of highest demand for motor fuels. US and Iranian negotiators met in Rome on Friday in another round of talks aimed at curtailing the Islamic Republic’s nuclear program. Traders are afraid crude supplies could be interrupted if talks fail to reach a deal.
Meanwhile, President Donald Trump said on Friday that he is recommending a straight 50% tariff on goods from the EU starting on June 1, saying the bloc has been hard to deal with on trade.
On the supply side, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies led by Russia, is holding meetings next week expected to yield another output increase of 411,000 barrels per day (bpd) for July.
Meanwhile, Asian spot LNG prices rose for the third week running to a two-week high amid renewed demand, weak production in Malaysia and as Egypt seeks to secure huge volumes for the rest of the year. The average LNG price for July delivery into north-east Asia was at $12.40 per million British thermal units (mmBtu), up from $11.75 per mmBtu last week, industry sources estimated.
