LONDON  - Oil prices eased on Wednesday, reversing earlier gains and a sharp spike the day before, as the market awaited the latest weekly government report on the health of American energy inventories. New York's main contract, light sweet crude for September delivery, fell 13 cents to 114.40 dollars a barrel after briefly rising above 115 dollars earlier on Wednesday. London's Brent North Sea crude for October delivery shed 14 cents to 113.13 dollars a barrel. "Later Wednesday market participants will pay close attention to the weekly US fuel inventories report" from the US government, noted Nimit Khamar, an energy analyst at the Sucden brokerage in London. Crude prices had shot up a week ago after the US Department of Energy reported US gasoline reserves surprisingly fell by as much as 6.4 million barrels in the week ended August 8. Gasoline stocks are closely watched at this time of year as American motorists hit the highways for their summer vacations, typically pushing up demand for gasoline, which is refined from crude oil. Crude oil prices had closed up by more than one dollar on Tuesday after OPEC member Venezuela said it would ask the cartel at its September meeting to cut production if downward price pressure continues. World oil prices are down from record highs of above 147 dollars a barrel, which were set in July, as weak economic growth is denting global demand for oil. Oil prices had fallen close to 110 dollars a barrel in early trading on Tuesday as Tropical Storm Fay missed energy production facilities in the Gulf of Mexico. However oil prices, which broke through the 100-dollar level at the start of 2008, remain well above year-ago levels. The Organization of Petroleum Exporting Countries (OPEC), which is steered by Saudi Arabia, produces about 40 percent of the world's crude. A leading British energy consultancy, CGES, had on Monday said that OPEC might decide to cut output next month should the price of crude fall under 100 dollars. Oil prices had begun the week by falling, also on news that the Baku-Tbilisi-Ceyhan (BTC) pipeline would soon reopen. British energy giant BP said Wednesday that tests were underway on the BTC pipeline after repairs were completed on the fire-damaged conduit. "We began the dynamic testing of the pipeline Wednesday. This is a test that needs to be done before full operation," company spokesman Murat Lecompte told AFP. He could not say when full operation would resume exactly, but added that they expected to start loading oil to the ships at the port of Ceyhan on Turkey's Mediterranean coast "early next week."