WTI and Brent are on pace for a weekly loss of about 4% and 3%, respectively.
WTI and Brent are on pace for a weekly loss of about 3.2% and 2.5%, respectively.Crude oil futures bounced back from three-month lows on Friday but are still 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 in morning trading, the lowest level since Feb. 26. Global benchmark Brent fell to $80.65, the lowest level since Feb. 8. The two benchmarks turned positive later in the session but are on pace for a weekly loss of about 3.2% and 2.5%, 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.
"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.AI hype is lifting these dividend payers. These names may actually benefit, Wells Fargo says
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