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Crude oil futures settle lower on unexpected jump in US crude supplies

Crude oil futures settled lower for second straight day on Wednesday on the back of unexpected jump in weekly US crude supplies. According to data from the Energy Information Administration (EIA), inventories of US crude rose by 5.778 million barrels for the week ended May 18, confounding expectations for a draw of 1.567 million barrels. Besides, traders also remained cautions with report that the OPEC may decide to boost output to make up for a Venezuelan production shortfall and potential lost supply from Iran. However, Brent crude future managed to end with modest gains for second straight session.

Benchmark crude oil futures for July delivery slipped 36 cents or 0.50 percent to settle at $71.84 a barrel on the New York Mercantile Exchange. July Brent crude was up by 23 cents or 0.30 percent to settle at $79.80 a barrel on London's Intercontinental Exchange.

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