Oil settled lower on gloomy global economy outlook

International benchmarks for crude oil fell about 2% on Tuesday, 17 May 2022 after the Federal Reserve said the economy could be hurt by attempts to reduce inflation. Meanwhile, the US government could ease some restrictions on Venezuela, which on allow the country’s oil to flow to the open market.

Brent dropped $2.31 or 2% to close at $111.93/barrel. 

WTI fell $1.8 or 1.6% to settle at $112.40/barrel. 

This is the first time since May 2020 Brent benchmark settled below WTI.