On Friday, crude oil futures reached their lowest levels in three months, signaling a weekly decline as the summer driving season commences alongside the Memorial Day holiday.
U.S. crude oil touched $76.15 intraday, marking its lowest point since February 26, while global benchmark Brent dropped to $80.65, its lowest since February 8. Both benchmarks are poised for weekly losses of approximately 4% and 3%, respectively.
Today’s energy prices are as follows:
- West Texas Intermediate July contract: $76.67 per barrel, down 19 cents (0.25%). Year-to-date, U.S. oil has risen by 7%.
- Brent July contract: $81.13 per barrel, down 23 cents (0.26%). Year-to-date, the global benchmark has increased by 5.3%.
- RBOB Gasoline June contract: $2.45 per gallon, down 0.6%. Year-to-date, gasoline futures have climbed by 16.7%.
- Natural Gas June contract: $2.63 per thousand cubic feet, down 0.87%. Year-to-date, gas has risen by 4.6%.
Analyst Tamas Varga from oil broker PVM noted that macroeconomic factors have failed to significantly bolster oil prices, as Russia exceeded production limits in April despite commitments to cut production in line with other OPEC+ members.
OPEC and its allies, led by Russia, will convene virtually on June 2 to reassess production policies. The OPEC+ coalition is collectively withholding 2.2 million barrels per day from the market in an effort to stabilize prices.