Crude oil futures ended higher on Wednesday after official data from the Energy Information Administration (EIA) showed crude inventories fell in the week ended May 3rd. Data from the Energy Information Administration (EIA) showed crude oil inventories fell by 1.4 million barrels last week after surging by 7.3 million barrels a week earlier. However, oil prices fell earlier in the session after a border crossing in southern Gaza reopened for humanitarian aid deliveries.
Benchmark crude oil futures for June delivery higher $0.61 or about 0.78% to settle at $78.99 a barrel on the New York Mercantile Exchange. Brent crude for July delivery rose $0.42 or 0.51% to $83.58 per barrel on London's Intercontinental Exchange.