Oil prices traded higher on the soft economic data from China and Eurozone. The Chinese preliminary HSBC manufacturing Purchasing Managers' Index (PMI) increased to 49.1 in May from 48.9 in April, missing expectations for a rise to 49.3. A reading below 50 indicates contraction of activity.

The output index dropped to 48.4 in May from 50.0 in April. It was a 13-month low. New export orders also declined.

This reading puts more pressure on the Chinese government to implement further stimulus measures.

Geopolitical tensions in the Middle East and yesterday's U.S. crude oil inventories figures also supported oil prices.

WTI crude oil for June delivery increased to $60.68 a barrel on the New York Mercantile Exchange.

Brent crude oil for June climbed to $66.82 a barrel on ICE Futures Europe.

Gold price traded lower on yesterday's release of the Fed's April monetary policy meeting minutes. It is unlikely that the Fed will start to hike its interest rate in June.

Some policymakers expect that the Fed may raise its interest rates in June. Members noted that the Fed was on track to hike its interest rates in June. Many policymakers said that it unlikely that the economic data available in June would provide sufficient confirmation that the conditions for hiking interest rate had been met.

Today's U.S. economic data was weaker than expected. The U.S. preliminary manufacturing purchasing managers' index (PMI) fell to 53.8 in May from 54.1 in April, missing expectations for a rise to 54.5. It was the lowest level since January 2014.

Sales of existing homes declined 3.3% to a seasonally adjusted annual rate of 5.04 million in April from 5.21 million in March.

The Philadelphia Federal Reserve Bank's manufacturing index unexpectedly decreased to 6.7 in May from 7.5 in April, missing expectations for a rise to 8.0.

July futures for gold on the COMEX today decreased to 1205.40 dollars per ounce.

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, declined by 241,000 barrels to 60.44 million barrels.

Crude oil production fell by 112,000 barrels a day to 9.262 million.

Gasoline stockpiles were down 2.77 million barrels to 223.9 million, the lowest level since December 12.

U.S. refineries operated at 92.4% of their capacity, up from 91.2% the previous week.

(raw materials / closing price /% change)

Oil 58.98 +1.71%

Gold 1,209.30 +0.05%