Crude oil futures slightly gained on Wednesday after an unexpected increase in oil inventories reported by Energy Information Administration.

Crude oil futures contract for December delivery gained 0.4 percent or $0.32 to $92.51 per barrel on the New York Mercantile Exchange. Crude oil futures were also under pressure on reduced outlook of US economy by the Federal Reserve. The US Federal Reserve’s Board forecasted the gross domestic product to be around 1.6 percent to 1.7 percent for the year 2011, 2012’s GDP figures are expected between 2.5 percent to 2.9 percent, 2013’s GDP is projected between 3 percent and 3.5 percent, while 2014’s GDP is forecasted around 3 percent to 3.9 percent now.

As for the inventories data, EIA reported an increase of 1.8 million barrel in crude oil stock piles for the week ended October 28^th, 2011. Analysts expected the increase of 1.1 million barrels for the respective week. Gasoline inventories surged by 1.4 million barrels for the week as compared to expected decline of 1.5 million barrels by analysts. Distillates stockpiles which include heating oil and diesel fell by 3.6 million barrels for the week whereas analysts expected the decline of 2.2 million barrels.

Gasoline futures contract for December delivery slightly gained by 0.1 percent to $2.63 per gallon while heating oil futures contract for December delivery fell 1.2 percent or $0.04 to settle at $3 per gallon at the New York Mercantile Exchange.

Natural gas futures contract for December delivery dropped 0.9 percent or $0.03 to $3.75 per million British thermal units on Wednesday.