Oil Prices Plunge to Three-Month Lows Amid Demand Concerns

Macroeconomic factors and potential interest rate hikes overshadow the start of the U.S. summer driving season.

Oil prices hit three-month lows and are set for weekly losses due to macroeconomic concerns.
U.S. summer driving season is starting, but demand worries persist due to potential interest rate hikes.
Brent crude and WTI futures have experienced their longest losing streaks since early January.
OPEC+ is expected to maintain current production cuts in their upcoming meeting.
Russia admitted to overproducing oil in April, complicating market dynamics.