Crude oil was little changed in New York after the U.S. Energy Department said stockpiles fell more than expected last week.

Supplies dropped 5.41 million barrels to 360.7 million in the seven days ended Aug. 17, the report showed. Inventories were forecast to decline 250,000 barrels, according to the median analyst estimates.

Gasoline inventories declined 962,000 barrels to 202.7 million. The forecast was a decrease of 1.35 million barrels.

Distillate supplies, which include heating oil and diesel, rose 992,000 barrels. The forecast was a gain of 1 million.

Oil was little changed before the report on concern that storms in the Gulf of Mexico will disrupt supplies and after Japan reported a larger-than-expected trade deficit.

Tropical Storm Isaac is expected to cross the Leeward Islands today and grow into a hurricane on a path toward Florida. The U.S. National Hurricane Center’s tracking map shows the system crossing Haiti as a hurricane on Aug. 25 and striking Cuba before arriving at the edge of Florida Keys early Aug. 27.

Exports in Japan, the world’s third-largest oil consumer after the U.S. and China, fell 8.1 percent from a year earlier, compared with an estimated 2.9 percent drop, the Finance Ministry reported.

Shipments to the European Union decreased 25 percent from a year earlier, the biggest decline since October 2009, while those to China slipped 12 percent, the ministry said. The trade deficit was the biggest for any July in data going back to 1979, it said.

October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 97.22 per barrel.

October futures price of North Sea Brent crude oil mix is now $ 114.82 a barrel on the ICE Futures Europe Exchange.

The price of gold was firm near its three-month high Wednesday morning amid hopes that the European Central Bank will take steps to reduce borrowing costs for Spain and Italy.

Yesterday, gold extended its three-month high as the dollar weakened while the euro strengthened on optimism over the euro zone debt problem with expectations that the European Central Bank would step up efforts to prop-up the weaker economies of the single currency bloc.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,278.96 tons from 1,274.74 tons.

Meanwhile, the U.S. dollar was lingering near a two-month low versus the euro and the Swiss franc, while slipping back near a three-month low against sterling. The buck was hovering around a 5-week high versus the yen.

A slight decrease was recorded after the data on the level of sales in the secondary market, which increased compared to the previous month, but were below analysts' expectations.

The cost of the August gold futures on the COMEX is now 1639.3 dollars per ounce.

Change % Change Last

Oil $96.55 -0.13 -0.13%