Oil prices traded lower due to profit taking ahead of OPEC's meeting on June 05. It is expected that OPEC keeps unchanged its oil production.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories declined by 1.95 million barrels to 477.4 million in the week to May 29. It was the fifth consecutive weekly decline.

Analysts had expected a decline of 2 million barrels.

Gasoline inventories were down by 334,000 barrels last week, according to the EIA.

U.S. oil production climbed by 20,000 barrels a day to 9.59 million barrels a day.

Crude stocks at the Cushing, Oklahoma, decreased by 983,000 barrels.

U.S. crude oil imports increased by 677,000 barrels per day to 6.93 million barrels per day.

Refineries in the U.S. were running at 93.2% of capacity, down from 93.6% the previous week.

WTI crude oil for July delivery fell to $60.13 a barrel on the New York Mercantile Exchange.

Brent crude oil for July declined to $64.14 a barrel on ICE Futures Europe.

Gold price traded lower on the U.S. ADP jobs data and on hopes for a debt deal between Greece and its creditors. Private sector in the U.S. added 201,000 jobs in May, according the ADP report on Wednesday. April's figure was revised down to 165,000 jobs from a previous reading of 169,000 jobs. Analysts expected the private sector to add 200,000 jobs.

The increase was driven by a job creation in the services sector.

Official labour market data will be released on Friday. Analysts expect that U.S. unemployment rate is expected to remain unchanged at 5.4% in May. The U.S. economy is expected to add 227,000 jobs in May, after adding 223,000 jobs in April.

The European Central Bank (ECB) President Mario Draghi said at a press conference on Wednesday that he wants Greece to stay in the Eurozone, "but it has to be a strong agreement".

Draghi declined to comment on the debt talks between Greece and its creditors.

June futures for gold on the COMEX today fell to 1190.30 dollars per ounce.

Saudi Arabia's oil minister, Ali al-Naimi, has said on Monday that he expects oil demand to rise in the second half of this year, while oil supply declines.

It indicates that Saudi Arabia will propose not to change oil production at OPEC's meeting on Friday.

Ali al-Naimi noted that the oil markets need time to rebalance.

He also said that he was not concerned by prospects of an increase in Iraqi or Iranian supplies later in the year.

(raw materials / closing price /% change)

Oil 61.26 +1.76%

Gold 1,193.20 -0.10%