American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

Oil prices hit three-month lows, head for weekly loss as summer driving season kicks off

by admin May 26, 2024
May 26, 2024
Oil prices hit three-month lows, head for weekly loss as summer driving season kicks off

Crude oil futures fell to three-month lows on Friday and are heading to a weekly loss as the summer driving season gets underway with the Memorial Day holiday.

U.S. crude oil hit an intraday low of $76.15, the lowest level since Feb. 26. Global benchmark Brent fell to $80.65, the lowest level since Feb. 8. The two benchmarks are on pace for a weekly loss of about 4% and 3%, respectively.

“Macroeconomic developments have been failing to provide meaningful support for oil, which has its own problems to deal with,” said Tamas Varga, analyst at oil broker PVM, pointing to Russia overproducing in April despite commitments to slash production along with other OPEC+ members.

OPEC and its allies, led by Russia, will hold a virtual meeting on June 2 to review production policy. A coalition of OPEC+ members is voluntarily holding 2.2 million barrels per day off the market to support prices.

“Next week’s OPEC meeting is widely expected to roll over the current production ceiling, especially now that oil prices are in a relentless downtrend,” Varga said.

“But it would probably not be enough to unambiguously brighten the mood, simply because there is nearly 6 mbpd of supply cushion attached to the seemingly oversupplied market,” the analyst said.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
It wasn’t the endless shrimp that doomed Red Lobster. How private equity pinched the seafood chain.
next post
Boeing expects a 2024 cash burn, slow recovery of airplane deliveries amid crisis, CFO says

Related Posts

U.S. consumer sentiment falls slightly as outlook for...

April 17, 2024

McDonald’s $5 value meal is coming in June...

May 18, 2024

How will Trump’s proposed tariffs burden US consumers?

November 26, 2024

Pi Network ranks 6th in Finland’s app charts,...

May 9, 2025

Indian markets open: Sensex, Nifty brace for impact...

May 7, 2025

Keanu price surges with community support, outperforming Solana’s...

November 27, 2024

UK house prices surge 3.2% in September, marking...

September 30, 2024

Etsy stock price analysis: in trouble, but a...

October 6, 2024

Snapchat’s augmented reality ambitions: a costly bet that...

September 21, 2024

Are Tradeweb and MarketAxess stocks rare hidden gems?

October 9, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Interview: Strategic location gives Brazil Potash cost advantage in domestic fertiliser market, says CEO Matt Simpson

      June 1, 2025
    • Canada’s Q1 GDP expands by 2.2%, driven by exports spike ahead of potential US tariffs

      June 1, 2025
    • President Trump to host farewell for Elon Musk as DOGE leader steps away

      June 1, 2025
    • UK’s digital banks face divergent fortunes: Starling stumbles, Monzo and Revolut soars

      June 1, 2025
    • Trump wants Apple to shift iPhone production from India to the US: here’s what it means

      May 18, 2025

    Categories

    • Business (3,012)
    • Investing (2,455)
    • Latest News (1,994)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved