Brent drops 1%, slips below $83

Oil drilling rigs

Oil closed in the red today, May 21, amid renewed fears of a weak demand, which strengthened the bearish sentiment ahead of the OPEC+ meeting next month.

Brent crude futures for July delivery fell 1%, or 83 cents, to close at $82.88 per barrel. WTI crude for June delivery fell 0.7%, or 54 cents, to record $79.26 per barrel.

"The market is very focused on gasoline demand in the U.S. because there are signs that consumers are cutting back because of inflation. Unless that turns around, the market is suggesting things could be a little bleak," said Phil Flynn, Analyst at Price Futures Group, according to a Reuters report.

The US Department of Energy announced the sale of one million barrels of gasoline supply reserves in the northeast of the country, with the aim of alleviating price pressures as the country prepares for the summer driving season and ahead of the elections this fall.