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

IAG share price is firing on all cylinders:...

December 12, 2024

Sinclair explores selling roughly 30% of its broadcast...

May 12, 2024

US stocks pause after strong week as investors...

February 15, 2025

ZEEL share surges 10% after promoter stake hike,...

June 23, 2025

Should you invest in iDEGEN after Trump’s address...

January 24, 2025

Here are the 3 key AI announcements Apple...

June 10, 2025

Adani group clarifies charges: no FCPA violation for...

November 27, 2024

Why an indicator that has foretold almost every...

July 26, 2024

Disneyland characters and parades cast members launch unionization...

February 15, 2024

Close, but no cigar

November 28, 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

    • FBI raid on John Bolton’s home in Washington linked to classified documents

      August 25, 2025
    • Argentine senate deals blow to Milei’s austerity agenda with university budget boost

      August 25, 2025
    • Jackson Hole Symposium: what Powell said about economic effects of Trump’s tariffs

      August 25, 2025
    • At Jackson Hole, Fed Chair Powell signals possible cuts while warning of uncertainty

      August 25, 2025
    • Trump threatens to fire Fed Governor Lisa Cook amid mortgage fraud allegations

      August 25, 2025

    Categories

    • Business (3,763)
    • Investing (2,783)
    • Latest News (2,048)
    • 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