Oil prices traded higher as U.S. crude oil inventories declined last week. The U.S. Energy Information Administration (EIA) released its inventories figures on Wednesday. U.S. crude oil inventories decreased by 2.67 million barrels to 482.17 million barrels last week.

Crude stocks at the Cushing, Oklahoma, decreased by 241,000 barrels to 60.44 million barrels.

Strong economic data from Japan also supported oil prices. Japan's preliminary GDP climbed 0.6% in the first quarter, exceeding expectations for a 0.4% rise, after a 0.3% gain in the fourth quarter. On a yearly basis, Japan's preliminary GDP was up 2.4% in the first quarter, beating forecasts of a 1.5% increase, after a 1.1% in the fourth quarter.

Tensions in Yemen intensified.

WTI crude oil for June delivery increased to $58.71 a barrel on the New York Mercantile Exchange.

Brent crude oil for June climbed to $64.82 a barrel on ICE Futures Europe.

Gold price traded higher ahead of the release of the Fed's April meeting minutes, which is scheduled to be released later in the day. Investors expect to find some signals when the Fed will start its interest rates, which have been near zero since December 2008.

Gold price sharply declined yesterday on the stronger U.S. dollar. The greenback rose as the U.S. housing market data was better than expected.

The Greek debt crisis supported gold price. Greece is running out of cash. Greek government's parliamentary speaker Nikos Filis said on Wednesday that Greece will not repay the €305 million IMF loans unless creditors unlocked bailout funds.

July futures for gold on the COMEX today rose to 1210.20 dollars per ounce.

(raw materials / closing price /% change)

Oil 57.26 -3.65%

Gold 1,207.50 +0.07%