EIA reported increase in crude oil inventories on Wednesday in reaction to which crude oil futures remained under pressure at NYMEX. As per latest report of Energy Information Administration crude oil stockpiles increased by 1.3 million barrels for the week ending December 2^nd, 2011. Analysts were expecting crude oil inventories to decline by 1.3 million barrels for the respective week while trade group report forecasted the decline 5 million barrels in crude supplies.

Gasoline inventories increased by 5.1 million barrels as compared analysts’ expected increase of 1 million barrels. Distillates stockpiles which include diesel and heating oil gained by 2.5 million barrels while analysts expected the increased of 1.5 million barrels for the respective week.

Crude oil futures contract for January delivery fell 0.8 percent or $0.79 to settle at $100.49 per barrel on the New York Mercantile Exchange. The respective contract touched its intraday low of $99.67 per barrel on Wednesday.

Gasoline futures contract for January delivery dropped 2.2 percent or $0.06 to settle at $2.59 per gallon while heating oil for the same month fell 1.3 percent or $0.04 to $2.98 per gallon.

The stronger US dollar also contributed to decline of commodities as its makes them less expensive for investors of other currencies.