LONDON (SHARECAST) - Crude oil futures settled a touch lower on Wednesday, despite gains among US equities as traders scratched their heads over weekly stockpile data. Crude oil for September delivery fell 8 cents to $82.47 a barrel on the New York Mercantile Exchange. An unexpected increase in US gasoline inventories surprised investors. Data from the Energy Information Administration showed gasoline stocks rose 700,000 barrels for the week ended 30 July compared with expectations of an 800,000 barrel decline. Distillates, used in heating oil and diesel, gained 2.2m barrels, instead of forecasts of a 1.1m gain. Crude supplies declined 2.8m barrels, around double the decline expected. Positive economic data lifted market sentiment but failed to support oil prices. Private-sector firm employment rose a forecast beating 42,000 in July, according to a report from payroll processor ADP. Economists expected employers to have added 25,000 jobs last month. Meanwhile The Institute for Supply Management's services sector index was also stronger than expected. Optimism about increased demand from China sent gold prices higher on Wednesday. Gold for December settled up $8.40 at $1195.90 an ounce. Speculation that the Federal Reserve may further ease monetary policy to boost the economy took the yellow metal to a three week high.

Source