Crude oil futures ended higher on Wednesday buoyed by a report showing a bigger than expected drop in U.S. crude inventories in the week ended May 10th. Data released by the Energy Information Administration (EIA) showed crude oil inventories in the U.S. fell by 2.5 million barrels in the week ended May 10th, after falling by 1.4 million barrels in the previous week. Besides, the dollar's weakness contributed as well to the rise in oil prices.
Benchmark crude oil futures for June delivery rose $0.61 or about 0.78% to settle at $78.63 a barrel on the New York Mercantile Exchange. Brent crude for July delivery gained $0.33 or 0.40% to $82.75 per barrel on London's Intercontinental Exchange.