Oil prices rise as crude inventories fall and U.S. inflation eases

U.S. crude stockpiles declined by 2.5 million barrels last week as refiners processed more crude in a sign that demand might be perking up.

Oil prices rose Thursday as stockpiles in the U.S. fell for a second week and inflation eased.

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U.S. crude stockpiles declined by 2.5 million barrels last week, according to the Energy Information Administration, as refiners processed more crude in a sign that demand might be perking up.

Here are Thursday's closing energy prices:

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West Texas Intermediate June contract: $79.23 a barrel, up 60 cents, or 0.76%. Year to date, U.S. crude oil has gained 10.58%.
Brent July contract: $83.27 a barrel, up 52 cents, or 0.63%. Year to date, the global benchmark has advanced 8%.
RBOB Gasoline June contract: $2.54 per gallon, up 1.64%. Year to date, gasoline futures are ahead 20.7%.
Natural Gas June contract: $2.49 per thousand cubic feet, up 3.27%. Year to date, gas is down 0.76%.

With inflation easing slightly in April, futures traders penciled in a higher probability that the Federal Reserve might cut interest rates in September. Lower interest rates help stimulate the economy which can boost crude oil demand.

West Texas Intermediate and Brent are up slightly on the week, but have lost 3% and 5.2%, respectively, this month.