Oil prices surged to their highest level in over three years last week, and strategists were marveling that prices had shot up so quickly. US crude oil futures have dropped by nearly 10% to trade around $66.50 per barrel, down from about $73 last week. Global benchmark Brent crude oil has dropped by about 6% to trade around $76, after peaking above $80. "The impression of easing output cuts on its own is sufficient to put a cap on [oil] prices," said Hussein Sayed, chief market strategist at FXTM. Related: Venezuela's once-proud oil industry is collapsingThe drop in oil prices is welcome news for drivers, as well as companies and countries that buy a lot of energy.

Source: CNN May 28, 2018 11:25 UTC