International crude oil prices rose on May 8. United States crude inventories fell last week as refiners slowly ramped up production ahead of summer driving season. However, the US dollar strengthened, weighing on crude oil prices.

West Texas Intermediate (WTI) crude for June delivery increased by US$0.61 (0.8%), reaching US$78.99/barrel on the New York Mercantile Exchange. Brent crude for July delivery rose by US$0.42 (0.5%), settling at US$83.58/barrel.