Oil Prices Rise Amid Market Volatility, While Asian LNG Prices Decline

Oil prices rose on Friday but retreated from session highs after the U.S. president threatened sanctions on Russia if a ceasefire with Ukraine was not reached.

Brent crude settled at $70.36 per barrel, up 1.3%, while West Texas Intermediate (WTI) ended at $67.04 per barrel, increasing by 1.02%. Prices had reached higher levels earlier in the session, driven by statements from the Russian Deputy Prime Minister, confirming OPEC+'s commitment to its planned production increase for April, with the possibility of reviewing policies later.

Meanwhile, liquefied natural gas (LNG) prices in the Asian market dropped to a 10-week low, impacted by declining European gas prices. However, spot demand helped limit losses, with the average LNG price for April delivery to Northeast Asia reaching $13.50 per million British thermal units (MMBtu).

Analysts believe Asian prices remain under downward pressure due to stable supply and rising temperatures, which may reduce gas demand for power generation. However, some companies in South Korea and Japan have started purchasing spot shipments to replenish depleted winter stocks.