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Surprise Stockpile Decline Sends Prices Up

Crude oil futures rose Wednesday, recovering losses from earlier in the session as U.S. crude inventories fell.

Oil prices found support after U.S. commercial crude stockpiles declined by 1.4 million barrels in the firs week of May, according to official data from the Energy Information Administration. The decline was a surprise compared to industry data that indicated 509,000 barrel build.

Prices have come under pressure as of late on rising inventories with U.S. stockpiles surging in the last week of April.

The West Texas Intermediate June contract: $78.73 a barrel, up 34 cents, or 0.43%. Year to date, U.S. crude oil has risen 9.8%.

Brent July contract: $83.37 a barrel, up 21 cents, or 0.26%. Year to date, the global benchmark has risen 8.2%.

RBOB Gasoline June contract: $2.52 per gallon, down 1.05%. Year to date, gasoline futures are up about 19%.

Natural Gas June contract: $2.21 per thousand cubic feet, down 0.05%. Year to date, gas is down 12%.

Oil prices have fallen more than 7% since reaching their April highs when traders bid up prices on fears that Iran and Israel would go to war.

Investors have largely sold off the war premium since then, with Morgan Stanley removing $4 per barrel of risk from its oil price forecast for the year.