Brent oil benchmark hits 2-year high, WTI highest since 2018 – Reuters

Brent oil benchmark hits 2-year high, WTI highest since 2018 – Reuters

Oil prices slipped on Wednesday after U.S. inventory data showed a surge in gasoline inventories due to weak fuel demand following U.S. Memorial Day weekend, traditionally the beginning of the peak summer driving season.

Brent crude futures fell 23 cents, or 0.3%, to $71.99 a barrel by 12:35 p.m. EDT(1635 GMT), having earlier touched $72.83, their highest since May 20, 2019.

U.S. West Texas Intermediate (WTI) crude fell 43 cents, or 0.6%, to $69.62 a barrel, after reaching $70.62, its highest since Oct. 17, 2018.