Oil prices fell on Wednesday after a huge unexpected jump in crude stockpiles in the United States added to nerves caused by fading consumer confidence.
New York's main contract, light sweet crude for delivery in September, dropped 51 US cents to $US76.09 a barrel.
London's Brent North Sea crude for September shed seven US cents to $US76.06.
Both contracts recovered from losses of more than a dollar each in early trading as concerns over an increase in US crude stockpiles eased slightly.
The US Department of Energy said crude oil inventories jumped 7.3 million barrels last week in the United States, a top energy consuming nation.
Analyst had expected a drop of 1.4 million barrels, according to a poll compiled by Dow Jones Newswires.
COMEX
August gold added $US2.50 to settle at $US1,160.40 per fine ounce on the Comex division of the New York Mercantile Exchange.
September silver fell 18.5 US cents to settle at $US17.441 per ounce.
Copper for September delivery settled 3.95 US cents higher at $US3.2455 per pound.
