LONDON (SHARECAST) - Crude oil futures rose on Wednesday as the dollar turned lower, US stocks clocked up early gains and after a report showed a bigger than forecast decline in weekly stockpiles. Light crude oil for July delivery advanced $2.39 to settle at $74.38 a barrel on the New York Mercantile Exchange. The Energy Department showed crude supplies fell 1.8m barrels in the week ended 4 June, more than the 1.3m decline forecast by analysts. Gasoline inventories were unchanged from the previous week while distillates, used in heating oil, fell by 1.8m, the EIA said. Demand for oil was also lifted by optimism about strong growth in Chinese exports. Official figures are due out Thursday and are expected to show a 50% year-on-year rise in exports in May. Gold prices retreated from the previous session’s all time closing high as risk aversion eased and profit takers moved in. Gold for August delivery declined $15.80 to $1,229.90 an ounce on the Comex division of the New York Mercantile Exchange. Silver for July silver fell 29 cents to settle at $18.18 an ounce, wiping out Tuesday's surge.

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