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.
OPEC and its allies, led by Russia, will hold a virtual meeting on June 2 to review production policy. A coalition of OPEC+ members are voluntarily holding 2.2 million barrels per day off the market to support prices.Holocaust museum will host free field trips for eighth graders in New York City public schools
"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 saysRiverside
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