Crude oil futures declined on Thursday in reaction to increase in crude oil inventories reported by Energy Information Administration. The crude oil futures fell $1.34 to settle at $84.23 per barrel at New York Mercantile Exchange on Thursday.

As per the latest data of EIA, crude oil inventories increased by 1.3 million barrels for the week ended October 7^th, 2011 while analysts expected the decline of 300,000 barrels in crude oil inventories. The gasoline inventories reduced to 4.1 million barrels while analysts were expecting the increase of 100,000 barrels. This resulted in increase in gasoline prices.

Distillates stockpiles which include diesel and heating oil fell by 2.9 million barrels while analysts forecasted the decline of 600,000 barrels.

Gasoline futures contract for November delivery gained 0.3 percent or $0.01 to close at $2.76 per gallon while heating oil futures contract advanced 1.3 percent or $0.04 to $2.97 per gallon.

Natural gas futures contract for November delivery surged 1.2 percent or $0.04 to $3.53 per million British thermal units. EIA reported the surge of 112 billion cubic feet in natural gas reserves for the last week while analysts expected the increase of anywhere between 104 to 108 billion cubic feet.

Among precious metals gold futures contract for December delivery declined 0.8 percent or $14.10 to $1,668.50 per ounce at Comex trading of New York Mercantile Exchange. Among other metals silver’s December contract fell 3.4 percent or $1.12 to $31.67 per ounce. Copper futures contract for December delivery dropped 2.6 percent or $0.09 to $3.31 per pound.