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International benchmarks for oil prices erase gains on Wednesdays (19 May) after meeting minutes from Fed indicates an increase in interest rate in June is much likely. This has overshadowed IEA report on a hefty drawdown in oil products inventories in the US past week, signalling a healthy market demand. WSJ quoted the EIA saying demand for refined products rose to more than 20 million barrels a day, the highest weekly level since January. Optimists believed that with this, oil prices at $50/barrel is just around the corner while pessimists pointing to the increase of 1.3 million barrels in US commercial crude oil inventories last week as a prove of an ample supply market.

WTI closed at $48.19/barrel (-$0.12) June delivery

Brent closed at $48.93/barrel (-$0.35) July dilvery