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) - Get Report

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

Exxon Mobil

(XOM) - Get Report

,

Chevron

(CVX) - Get Report

and

ConocoPhillips

(COP) - Get Report

were rising.

BP

(BP) - Get Report

was slightly weaker.

Oil-services companies

Schlumberger

(SLB) - Get Report

and

Halliburton

(HAL) - Get Report

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.