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.
Here are today's energy prices:"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.
Persons:
Brent, Tamas Varga
Organizations:
Russia overproducing
Locations:
Russia