Benchmark crude futures prices edged lower and volatility eased. Front-month Brent and WTI traded in a range of around $6/bl — compared with the $9/bl range of the previous week — and lost 91￠/bl and 53￠/bl, respectively. Nymex front-month WTI hit an intra-day low of $95.02/bl on 17 May and an intra-day high of $100.99/bl on 18 May, as the EIA reported a 1.6mn bl drop in crude stocks at the WTI delivery point at Cushing, Oklahoma. Ice front-month Brent was at an intra-day high of $114.92/bl on 13 May before hit- ting an intra-day low of $108.07/bl on 17 May.
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