Oil prices slipped on Wednesday

International benchmarks for oil prices continue to move lower on Wednesday (15 June) as the US government data show commercial crude stockpile decreased less than market expected, strengthening fears that easing oversupply may be only temporary. Meanwhile, Canadian production is already restarting and other major exporters keep pushing up production output in which analysts are expecting the recent rise in prices will fall short of expectations. General expectation is that there would have to be further disruptions in Nigeria or Venezuela, to move US prices sustainably above $49 a barrel in the next three months.

WTI closed at $48.01/barrel (-$0.48) for July delivery

Brent closed at $48.97/barrel (-0.86) for August delivery