Oil closes lower, FOMC minutes weigh

Oil prices came under pressure and settled lower on Wednesday after minutes from April’s Fed meeting showed a June rate hike was possible.

Minutes underpinned the greenback, dragging oil prices down to a low of $47.98 a barrel. WTI reversed early gains and pulled back from near $49.00 a barrel, with June contract settling 0.3% lower at $48.19/bbl.