Oil prices moved lower on Friday

International benchmarks for oil prices weakened on Friday (20 May) as the wildfires menacing oil sands producers in Canada have been contained. However, the firm sentiment remained in place as traders generally expect a pick up in demand in line with some tentative signs of stronger growth in the global economy. Analyst believed that oil prices might push above $50/b threshold in the coming days provided the USD does not strengthen further.

WTI closed at $47.75/b (-$0.41) June delivery

Brent closed at $48.72/b (-$0.09) July delivery