Crude oil futures pulled away from earlier highs after the Fed said economic growth is slowing.

The Federal Reserve's Beige Book, which gives a snapshot of economic conditions, suggested the US economy continued to grow between July to the end of August, but with "widespread signs of a deceleration".

Crude oil for October delivery pared bigger gains to close 58 cents higher at $74.67 a barrel on the New York Mercantile Exchange.

Oil prices had risen to a session high of $75.39 a barrel after a Portuguese bond auction calmed nerves about European banks.

However expectations that stockpiles will increase as demand deteriorates also capped bigger gains.

Oil and and fuel products are at the highest levels in 27 years and data from US Energy Department's Energy Information Administration are expected to show a 1m barrel rise in crude oil inventories in the last week.

Gasoline stocks are expected to have dropped 800,000 barrels while distillates, which include heating oil and diesel fuel, are expected to rise by 500,000 barrels. The data is out a day later than usual due to Monday's holiday.

The American Petroleum Institute said on Wednesday that crude stockpiles fell by 7.3m barrels, gasoline stockpiles increased by 654,000 barrels and distillates rose by 1.3m barrels.

Gold for December fell $1.80 at $1257.50 an ounce as demand for its safe haven qualities waned.

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