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Crude oil futures end higher as US crude supplies fall more than expected

Crude oil futures ended higher on Wednesday as US crude supplies registered a larger-than-expected decline and as growing tensions between the US and Iran raised the threat of disruptions to supplies in the Middle East. The Energy Information Administration (EIA) reported that US crude supplies declined by 4 million barrels for the week ended May 3. That was bigger than the fall of 2.2 million barrels expected by S&P Global Platts, though the American Petroleum Institute on Tuesday had reported an increase of 2.8 million barrels. The EIA data also showed that gasoline inventories were down 600,000 barrels, while distillate stockpiles edged lower by 200,000 barrels last week.

Benchmark crude oil futures for June surged 72 cents or 1.2 percent to settle at $62.12 a barrel on the New York Mercantile Exchange. July Brent crude gained 49 cents or 0.7 percent to settle at $70.37 a barrel on London's Intercontinental Exchange.

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