LONDON (SHARECAST) - Crude oil futures declined on Wednesday, after moving between gains and losses, as focus turned to demand data.
Crude oil for November delivery fell $1.14 to settle at $91.25 a barrel on the New York Mercantile Exchange.
Crude had risen 3.4% on Tuesday to close at the best level in over a week but after a volatile session on Wednesday, gains proved to be short-lived.
The US Energy Information Administration said oil demand is slowing while the Organization of Petroleum Exporting Countries reduced forecast for 2012 oil demand growth by 100,000 barrels a day to 800,000 barrels a day. The oil cartel also said it could cut 2013 growth estimates by as much as 20%.
Oil prices were also pressured ahead of EIA government data on petroleum supplies on Thursday. The data, which is expected to show stockpiles increased in the last week, has been delayed till Thursday due to Monday’s holiday.
On Wednesday the American Petroleum Institute reported that crude oil supplies increased 1.7m barrels for the week ended October 5th.
On the ICE futures exchange Brent crude oil reversed earlier gains to fall 17 cents at $114.33 a barrel.
Gold prices perked up on Wednesday, after a three session losing streak, but silver was the day's best performer.
Gold for December delivery gained 10 cents to settle at $1,765.10 an ounce on the Comex division of the New York Mercantile Exchange.
December silver futures added 12 cents to $34.11 an ounce while December palladium dropped $8.30 to $649.90 an ounce. Platinum futures for delivery in January lost $16.80 to $1,678.50 an ounce.