Oil futures retreated after U.S. supplies rose to the highest level for this time of year since Energy Department records began in 1982.

Inventories climbed 2.86 million barrels last week to 369.2 million barrels, the Energy Department said in Washington. That exceeded the 1.5 million-barrel median estimate by analysts. U.S. oil output surged to the highest level since May 1995.

U.S. production increased for a sixth week to 6.61 million barrels a day, the department said. Gasoline inventories climbed 1.72 million barrels to 197.1 million last week. They were expected to increase 500,000 barrels.

Crude oil for November delivery slid to $91.55 a barrel on the New York Mercantile Exchange. Oil traded at $92.64 a barrel before release of the inventory report.

Brent for December settlement fell 84 cents, or 0.7 percent, to $113.16 a barrel on the London-based ICE Futures Europe.

The price of gold rises in trading on Wednesday after the confirmation of the investment rating of Spain by Moody's and in anticipation of making the EU summit, which starts on Thursday.

The euro rose to a month high against the dollar after ratings agency Moody's confirmed the rating of Spain at "Baa3" to reassure investors, who feared a downgrade to "junk."

Gold generally follows the currency markets, but investors inactive pending decisions EU summit, which starts on Thursday.

Investors also await Chinese GDP data for the third quarter. Meanwhile, stocks of gold-ETFs ETF on Tuesday rose by 16,700 ounces.

South African gold producer Gold Fields announced the completion of an unauthorized strike at the mines in South Africa.

November futures price of gold on COMEX today rose $ 5.80 and is now $ 1750.90 an ounce.

Change % Change Last

Gold 1,749 +11 +0.66%

Oil 92.09 +0.24 +0.26%