COMMODITY
Crude oil futures end lower despite drop in crude inventories
May-19-2022

Crude oil futures ended lower on Wednesday despite data showing a drop in crude inventories in the week ended May 13. Data released by the Energy Information Administration (EIA) said crude inventories dropped by 3.4 million barrels last week (May 13), as against expectations for a rise of 2.1 million barrels. Further, a stronger dollar amid rising prospects of sharper interest rate hikes by the Federal Reserve too contributed to the drop in crude oil prices.

Benchmark crude oil futures for June delivery fell $2.81 or 2.5% percent to settle at $109.59 a barrel on the New York Mercantile Exchange. Brent crude for July delivery dropped $2.41 or 2.4 percent to settle at $109.52 (Provisional) a barrel on London's Intercontinental Exchange.

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