WTI and Brent are on pace for a weekly loss of about 4% and 3%, respectively.
Crude oil futures fell to three-month lows on Friday and are heading to a weekly loss as 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.
"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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