Oil fluctuated in New York as U.S. inventories climbed last week while stockpiles at Cushing, Oklahoma, the delivery point for the futures, fell.

Crude oil for March delivery rose to $96.99 a barrel on the New York Mercantile Exchange. The contract traded at $95.04 before the release of the inventory report by the Energy Information Administration. Trading was 98 percent above the 100-day average for this time of day. Futures are up 5 percent this year.

Brent oil for March settlement gained 30 cents, or 0.3 percent, to $116.82 a barrel on the London-based ICE Futures Europe exchange. Brent volume was 42 percent above the 100-day average.

Today, the value of gold held within yesterday's range in the absence of significant data from the U.S.

Gold futures fell on the results of trading on Tuesday against the fact that the increase in prices on the U.S. stock markets forced investors to withdraw funds from this precious metal. Gold is considered a safe-haven from risk and an alternative to paper currencies. However, the strong growth of risky assets such as stocks, putting pressure on the price of them in the last week in light of the fact that investors have reduced their gold portfolios in search of higher returns in other markets.

Spanish and Italian bonds rebounded after the sale on Tuesday, bringing relief to investors who feared that political problems in these countries hinder the fight against the debt crisis in the eurozone.

The market is waiting for the European Central Bank statement after the meeting on Thursday.

April futures price of gold on COMEX today rose to 1683.40 dollars an ounce, and then dropped to 1680.40 dollars per ounce.

Change % Change Last

Gold 1,674 -2 -0.09%

Oil 96.65 +0.48 +0.50%