(raw materials / closing price /% change)

Light Crude 96.40 +0.34%

Gold 1,292.50 -0.21%

Crude oil rose for the first time in three days as U.S. inventories declined more than expected last week. Stockpiles decreased by 4.47 million barrels in the week ended Aug. 15, the Energy Information Administration said in a weekly report. Analysts had expected a drop of 1.8 million. The refinery utilization rate rose for the first time in five weeks.

October WTI futures gained 0.25% to $93.11 a barrel on the New York Mercantile Exchange. The September contract, which expires today, rose 0.79% to $95.27.

Gold fell slightly as a stronger dollar cut demand. The dollar rose before the Federal Reserve releases the minutes of its July meeting, which may give clues on when policy makers will raise borrowing costs. Fed Chair Janet Yellen will speak Aug. 22 at a central bankers' meeting in Jackson Hole, Wyoming.

Gold was under pressure as diplomatic efforts to end the conflict in Ukraine intensified as the government said forces continue to push back pro-Russian separatists in fighting in the country's east.

Gold for December delivery was little changed at $1,292.70 an ounce (-0.30%) on the Comex in New York.