The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

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
‘It is time to break up Live Nation’: DOJ sues Ticketmaster parent over alleged monopoly
next post
Boeing expects a 2024 cash burn, slow recovery of airplane deliveries amid crisis, CFO says

Related Posts

Disney wins the 2024 box office as year-end...

January 16, 2025

‘Moana 2’ tops $1 billion, extending Disney’s box...

January 22, 2025

Family offices are giving top staff equity, profit...

July 31, 2024

UnitedHealthcare sued by shareholders over reaction to CEO’s...

May 9, 2025

New Orleans prepares for Super Bowl 59, its...

February 8, 2025

The great wealth transfer has started — but...

May 9, 2024

IBM pledges $150 billion to boost U.S. tech...

April 29, 2025

Universal’s new Epic Universe park set to generate...

April 16, 2025

Ford delays new EV plant and cancels electric...

August 23, 2024

It wasn’t the endless shrimp that pinched Red...

May 25, 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

    • Ben & Jerry’s co-founder resigns, claiming parent company Unilever ‘silenced’ its campaigning

      September 22, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      September 22, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      September 22, 2025
    • German officials condemn store owner who declared Jews banned from entry to protest Israel

      September 22, 2025
    • Trump honors Charlie Kirk’s legacy and describes him as a ‘martyr for American freedom’

      September 22, 2025
    • Charlie Kirk honored by 90K in one of the largest memorials for a private citizen

      September 22, 2025

    Categories

    • Business (1,389)
    • Politics (4,547)
    • Stocks (1,663)
    • Uncategorized (45)
    • World News (1,382)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, 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 thetraderharbor.com | All Rights Reserved