Doha, Qatar: Crude futures fell marginally on Friday as investors considered oil's geopolitical risk premium amid drawn-out Russia-Ukraine peace talks, while keeping an eye on Sunday's OPEC+ meeting for clues about potential output changes.

Brent crude futures settled at $63.20, while US West Texas Intermediate (WTI) crude finished at $58.55. For the week, Brent rose by 1.0% and WTI rose by 0.8%, noted Al-Attiyah Foundation in its Weekly Energy Market Review.

The strength of fuel refining profit margins has supported crude demand in some places, but the bearish impact of an expected oil surplus is pressuring prices.

Meanwhile, US oil production rose to a record 13.84 million barrels per day in September, an increase of 44,000 bpd, according to the Energy Information Administration, deepening concerns that the market may be heading toward a surplus.

Asian spot liquefied natural gas prices hit their lowest level in eight weeks on continued muted demand and high inventories, tracking a drop in European gas prices on hopes of a Ukraine peace deal.

The average LNG price for January delivery into north-east Asia was $10.90 per million British thermal units (mmBtu), down from $11.66 per mmBtu last week, industry sources estimated.

Weather is going to dictate movements as temperatures have fluctuated but haven't been consistently low enough to generate provincial buyers back to the spot market, analysts said.

In Europe, gas prices remained near 18-month lows, driven by news of renewed US-brokered peace efforts between Russia and Ukraine fueling hopes for eased sanctions on Russia. The Dutch TTF price settled at $9.75 per mmBtu, recording a weekly loss of 4.4%.

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