Oil fell for the third consecutive session on renewed interest rates concerns

International benchmarks for crude oil concluded lower on Wednesday, 22 May 2024 on the concerns that the FED might delay interest rate cuts due to a persistently high inflation. Higher interest rates boost borrowing costs and reduce consumption.

Added to the downward pressure was a report from the Energy Information Administration (EIA) showing a 1.8 million barrels build-up in US commercial crude inventory, marking the first gain this month.

Brent loses 98 cents or 1.18% to close at $81.90/barrel.

WTI fell $1.09 or 1.39% to settle at $77.57/barrel.