Reported 6 months ago
Oil prices are facing a weekly loss due to concerns about future fuel demand, with an upcoming OPEC+ meeting likely to result in production cut extensions. OPIS Global Head of Energy Analysis Tom Kloza predicts gas prices in the US could drop to $3 or less per gallon by November, despite recent price drops and potential hurricane threats impacting oil and gas prices. Retailers have not fully passed on the savings to consumers, but Kloza suggests that oil and gas prices may surge by August before potentially dropping later in the year.
Source: YAHOO