Crude oil futures declined on Wednesday reported their lowest in last five weeks on latest US inventories data. According to the latest report by Energy Information Administration crude oil inventories surged by 1 million barrels for the week ended July 29^th, 2011. Analysts were expecting oil inventories to increase by 2 million barrel but a trade group built investors’ hopes and forecasted oil stock piles to decrease by 3 million barrels.

Gasoline inventories were also increased by 1.7 million barrels, while distillates (which include heating oil and diesel) were increased by 400,000 barrels. Analysts forecasted gasoline stockpiles to increase by 350,000 barrels and distillates inventories were expected to increase by 1.8 million barrels.

Crude oil futures contract for September delivery dropped 2 percent or $1.86 to $91.93 per barrel on New York Mercantile Exchange. Gasoline futures contract for September delivery slipped 3.5 percent or $0.11 to $2.93 per gallon.

Heating oil futures contract for September delivery declined 2.4 percent or $0.07 to $3.02 per gallon.

Natural Gas futures contract for September delivery also fell 1.6 percent or $0.06 to $4.09 per million British thermal units.