Crude oil futures extended gains on Wednesday, on the back of second consecutive weekly decline in US crude inventories and continued signs of a pullback in the global glut of oil. The US Energy Information Administration (EIA) in its report said that US crude oil inventories decreased in the week to May 11, and the refining sector increased 149,000 barrels per day. According to the Weekly Petroleum Status Report, US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 1.4 million barrels during the week ending May 11.
Benchmark crude oil futures for June delivery gained 18 cents or 0.30 percent to settle at $71.49 a barrel on the New York Mercantile Exchange. July Brent crude surged 85 cents or 1.10 percent to settle at $79.28 a barrel on London's Intercontinental Exchange.