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International benchmarks for crude oil erased earlier losses to close higher on Thursday, 16 May 2024 following the fall in US commercial crude inventory and strong expectations for lower interest rates in September.

The latest employment data in the US showed that the labour market is cooling off despite the reduced number of jobless claims, which coupled with the slower inflation data for April fuelled expectations for key interest rate cuts from the FED. The development weakens the greenback against a basket of currency that bolsters commodities traded in the US dollar.

Brent futures increased by 52 cents or 0.6% to settle at $83.27/barrel.

WTI rose by $79.23 up 60 cents to settle at $79.23/barrel.