Oil prices climb as U.S. inventories fall

NEW YORK, May 25 (Xinhua) -- Oil prices rose on Wednesday after data showed a decline in U.S. crude stockpiles.

The West Texas Intermediate for July delivery added 56 cents, or 0.5 percent, to settle at 110.33 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 47 cents, or 0.4 percent, to close at 114.03 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration (EIA) reported Wednesday that the nation's crude oil inventories decreased by 1.0 million barrels during the week ending May 20. Analysts surveyed by S&P Global Commodity Insights had looked for crude to show a rise of 100,000 barrels.

According to the EIA, total motor gasoline inventories decreased by 0.5 million barrels last week, while distillate fuel inventories increased by 1.7 million barrels.

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