Daily Washington Insider
  • Business
  • World
  • Science
  • Investing

Daily Washington Insider

  • Business
  • World
  • Science
  • Investing
Business

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

by admin May 25, 2024
May 25, 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
Italian teenager nicknamed ‘God’s influencer’ set to become Catholic Church’s first millennial saint
next post
Boeing expects a 2024 cash burn, slow recovery of airplane deliveries amid crisis, CFO says

You may also like

OpenAI releases Sora, its buzzy AI video-generation tool

December 11, 2024

Trump clears Nippon merger with U.S. Steel

May 24, 2025

Boeing workers to vote on new proposal that...

October 22, 2024

Capital One acknowledges ‘outage’ as users report issues...

January 17, 2025

FTC bans fake online reviews, inflated social media...

August 16, 2024

Stock splits are back in fashion. Here’s why,...

June 17, 2024

McDonald’s rising prices pushing some diners away

May 1, 2024

Bank of America CEO says U.S. consumers and...

May 31, 2024

Palm Beach housekeepers are making $150,000 a year...

May 24, 2024

American Express CFO says spending picked up at...

January 26, 2025

    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.

    Popular

    • 1

      Tartana Drilling to Verify Upgrading of 45,000 Tonne Copper Resource

    • 2

      Magic mushrooms effective for treating depression – study

    • 3

      Lancaster Resources Welcomes Three Highly Experienced Industry Experts to Its Advisory Board

    • 4

      Hong Kong plans to install thousands of surveillance cameras. Critics say it’s more proof the city is moving closer to China

    • 5

      UN experts urge Thailand not to deport dozens of Uyghurs to China where they face ‘real risk of torture’

    Categories

    • Business (1,212)
    • Investing (2,995)
    • Science (605)
    • World (3,626)
    Footer Logo

    Disclaimer: dailywashingtoninsider.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 © 2024 dailywashingtoninsider.com | All Rights Reserved