Oil fell 2.5% as US data eased supply concerns

International benchmarks for crude oil slipped 2.5% on Wednesday, 18 May 2022 after the Energy Information Agency (EIA) reported higher operating rates among US refiners last week, easing concerns over the supply shortages for gasoline products. Meanwhile, a stronger dollar also pressured the commodity prices. 

Brent fell $2.82 or 2.5% to settle at $109.11/barrel. 

WTI slipped $2.81 or 2.5% to close at $109.59/barrel.