Al-Attiyah Report: Oil Suffers Biggest Weekly Loss Since March

Oil prices fell by more than 1% on Friday, marking their largest weekly decline since the end of March, amid cautious sentiment among investors ahead of an anticipated OPEC+ meeting to decide on production policy for June.

U.S. West Texas Intermediate (WTI) crude futures dropped by 95 cents, or 1.6%, settling at $58.29 per barrel. Meanwhile, Brent crude futures closed down by 84 cents, or 1.4%, at $61.29 per barrel.

According to the Al-Attiyah Foundation’s report, Brent crude fell by over 8% during the week, while WTI lost about 7.7%.

In a related development, Asian liquefied natural gas (LNG) prices hit a one-year low this week due to weak demand and growing concerns over future consumption amid ongoing trade wars.

The average price for June delivery of LNG to Northeast Asia dropped to around $11.00 per million British thermal units (MMBtu), down from $11.80 last week — the lowest level since mid-May 2024, according to industry sources. This sharp decline follows a significant shift in LNG price expectations over the past two and a half months, driven by escalating trade tensions led by U.S. President Donald Trump, which are threatening to curb global demand.