West Texas Intermediate crude traded near $106 a barrel after a government report showed that U.S. stockpiles unexpectedly increased. Brent dropped for the third time in four days as Iraq pledged to increase production and exports.

Crude supplies rose 1.74 million barrels to 388.1 million last week, the Energy Information Administration said. A 1.7 million-barrel decline was projected, according to the median of eight responses in a Bloomberg survey. Iraqi output has been unaffected by fighting and the country plans to increase exports next month, Oil Minister Abdul Kareem al-Luaibi said in an interview in Baghdad.

WTI for August delivery rose 1 cent to $106.04 a barrel at 10:43 a.m. on the New York Mercantile Exchange. Futures traded at $105.85 before the release of the report at 10:30 a.m. in Washington. The volume of all futures traded was 51 percent higher than the 100-day average.

Brent for August settlement declined 94 cents, or 0.8 percent, to $113.52 a barrel on the London-based ICE Futures Europe exchange. Trading volume was 35 percent above the 100-day average.

The European benchmark crude traded at a $7.48 premium to Brent, down from $8.43 yesterday.

Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI traded on Nymex, rose 416,000 barrels to 21.8 million in the week ended June 20, the EIA said.

Gold prices recovered after the incurred losses earlier in the session amid falling dollar caused by weak data on U.S. GDP.

The U.S. economy has decreased substantially in the first quarter, almost three times exceeding the initial estimates, and fixing the steepest decline since the end of the recession.

Ministry of Commerce announced the seasonally adjusted gross domestic product fell by 2.9% in the first three months of this year. It was the fastest rate of decline since the first quarter of 2009, when the economy contracted by 5.9%. Recall that according to early estimates a reduction in the 1st quarter was at 1.0%.

Experts expect that GDP will decline substantially less - 1.7%.

It is worth noting that such a review has been associated with new data on trade, consumer spending and weaker export figure than previously thought.

Residential investment - including the costs of housing construction, landscaping and commission brokers - fell by 4.2% in the first quarter (revised from - 5%). We add that the rebound in the housing market, which is an important factor of economic growth slowed at the end of 2013 against the backdrop of the anomalous temperature and growth in mortgage rates.

Meanwhile, we note that the decline in exports in the first quarter was revised to 8.9% from 6.0% as Europe's economic recovery remains weak, while growth in fast-growing emerging markets like China and Brazil, has slowed.

By GDP also pressured stocks rise - it has reduced growth by 1.7 percentage points (previously reported decline of 1.6%).

Baseline GDP, which excludes changes in inventories declined in the first quarter by 1.3% (revised from 0.6%).

The cost of the August gold futures on the COMEX today rose to $ 1322.0 per ounce.

Gold $1,320.90 +3.20 +0.24%

ICE Brent Crude Oil $114.13 +0.010 +0.009%

NYMEX Crude Oil $107.06 +1.36 +1.29%