Crude oil futures gained on Wednesday as Energy Information Administration reported the decline of 3.7 million barrels in crude oil inventories for the week ended July 15^th, 2011. Analysts expected the oil inventories to decrease by 1.3 million barrels. The IEA reported the increase of 800,000 barrels in gasoline inventories as compared to analysts’ expectations of decrease of 450,000 barrels. Stockpiles of distillates which include diesel and heating oil increased by 3.4 million barrels against forecasted increased of 1.4 million barrels.

Light crude oil futures contract for August delivery gained $0.64 to $98.14 per barrel on New York Mercantile Exchange on Wednesday. Gasoline futures contract for August delivery surged 1 percent or $0.03 to $3.15 per gallon while heating oil futures contract for August delivery soared 0.7 percent or $0.02 to $3.12 per gallon.

Natural gas futures contract for August delivery declined 0.7 percent or $0.03 to $4.50 per million British thermal units.