Crude oil futures gained on Wednesday despite increase in US oil inventories reported Energy Information Administration. As per latest report of EIA, crude oil inventories increased by 4.2 million barrels for the week ended August 12^th, 2011. On the other hand analysts were expecting oil supplies to decrease by 500,000 barrels for the respective week.

Crude oil futures contract for September delivery surged $0.93 to settle at $87.58 per barrel on New York Mercantile Exchange.

EIA reported the decrease of 3.5 million barrels for gasoline stockpiles while analysts expected the decrease of 2.3 million barrels. Distillates stockpiles which include diesel and heating oil soared by 2.4 million barrels whereas analysts expected distillates inventories to increase by 700,000 barrels for the week.

Some of analysts believe that now investors will be looking up to stock markets to get hints for direction of economy as the latest economic data continues to be mixed.

Gasoline futures contract for September delivery gained 0.6 percent or $0.02 to $2.87 per gallon. Heating oil futures contract for September delivery gained 1 percent or $0.03 to $2.96 per gallon while natural gas futures contract for September delivery remained unchanged at $3.93 per million British thermal units.