Crude oil inventories decreased as per the latest data of Energy Information Administration which resulted in appreciation of crude oil futures. EIA reported the decrease of 10.6 million barrels in crude oil inventories for the week ended December 16^th, 2011. While analysts expected the crude oil stockpiles to declined by 2.25 million barrels. On Tuesday, the American Petroleum Institute released its data and forecasted the decrease of 4.6 million barrels in crude oil inventories.

Gasoline supplies declined by 400,000 barrels for the respective week as compared to analysts’ expected increase of 1.75 million barrels. Distillates inventories which include diesel and heating oil fell by 2.4 million barrels while analysts forecasted the decline of 600,000 barrels for the week.

Data on natural gas futures is to be release on Thursday by EIA while analysts expect decline of 99 billion to 103 billion cubic foot.

Crude oil futures contract for February delivery jumped 1.5 percent or $1.43 to settle at $98.67 per barrel on the New York Mercantile Exchange. Most of analysts were of the opinion that crude oil futures have found support around $92.50 while resistance is seen at $100 per barrel.

Among other commodities, Gasoline futures contract for February delivery gained 1.6 percent or $0.04 to settle at $2.62 per gallon while heating oil futures for the same month delivery surged 2.1 percent or $0.06 to $2.91 per gallon.

Natural gas futures contract for January delivery gained 0.9 percent or $0.03 to $3.16 per million British thermal units.