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International benchmarks for oil prices moved lower on Monday (23 May) as Canadian officials lifted evacuation orders for several oil production sites in Alberta province. As concern over the supply disruption lessen, traders appears to have some pressure to sell. Analysts also said oil prices were affected by Iran’s comment vowing to ramp up production output in the wake of the lifting of nuclear-related sanctions in January.

WTI closed at $48.08/barrel (-$0.33) June delivery

Brent closed $48.35/barrel (-$0.37) July delivery