The price of crude oil declined after the U.S. government reported an increase in U.S. inventories of oil and gasoline.

Wednesday's report from the Department of Energy says crude oil reserves rose by 1.7 million barrels to nearly 347 million barrels last week. 

Gasoline reserves rose more than two million barrels to 202.7 million.  The larger inventories may ease concerns that U.S. fuel supplies might fall short during June, July and August when many Americans drive long distances on vacation. 

The price of crude oil for June delivery declined nearly $1 to $73.85 a barrel in New York trading.

Oil prices have surged 21 percent this year. One factor is concern about the dispute about Iran's nuclear program.  Iran is the world's fourth-largest oil exporter.

Some information for this report was provided by AFP.