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Crude oil futures were trading slightly to the downside in New York Wednesday afternoon, giving back morning gains that pushed the near-month contract above $108 a barrel.

Recently, West Texas crude for November delivery was losing $1.01 to $105.60 a barrel, and Brent crude was weaker by 46 cents at $102.62.

As for other contracts, reformulated gasoline was off 3 cents at $2.57 a gallon, and natural gas was sliding 25 cents to $7.68 per million British thermal units. Heating oil escaped the selling and rose fractionally to $3 a gallon.

Earlier, the Energy Department said crude oil inventories declined by 1.5 million barrels last week, a smaller draw than had been expected. Gasoline and distillate inventories had substantially larger drops than analysts had predicted.

The

U.S. Oil

(USO)

ETF, which tracks the price of Nymex crude, was losing 0.9% to $85.34. Among stocks,

Exxon Mobil

(XOM)

,

Chevron

(CVX)

and

ConocoPhillips

(COP)

were rising.

BP

(BP)

was slightly weaker.

Oil-services companies

Schlumberger

(SLB)

and

Halliburton

(HAL)

ticked down.

Elsewhere in commodities, metals were little changed. Gold was up 20 cents at $891.40 an ounce, and silver was slipping 2 cents to $13.42 an ounce. The dollar was stronger across the board against other major currencies, most notably the yen and the Swiss franc.

This article was written by a staff member of TheStreet.com.