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International benchmarks for oil prices inched lower on Thursday (19 May) as stronger dollar and increased US commercial crude inventories catch trader’s attention. However, market later continues to incline to the supply disruptions in Nigeria and Canada and potential outages in turbulent Venezuela, resulting in minimal loses. Despite these production outages are very temporary and output shall be restored once affected producers return to operation; market believed that as long as this condition persist, prices would be able to hold at the current level.

WTI closed at $48.67/barrel (-$0.11) June delivery

Brent closed at $48.81/barrel (-$0.12) July delivery