Crude oil fell

     Tip:Crude oil fell for a third day before a report forecast to show the U.S. unemployment increased last month, signaling the world’s largest energy user remains mired in recession.

     Q:Can you give us some data about the falling?

     A:Crude oil for August delivery fell as much as $1.14, or $1.64, to $68.17 a barrel in electronic trading on the New York Mercantile Exchange. It traded $68.23 at 10:41 a.m. London time. Prices are up 53 percent this year.

     Supply from the Organization of Petroleum Exporting Countries increased for a third month in June, a Bloomberg News survey showed yesterday.

     Oil output averaged 28.23 million barrels a day last month, up 55,000 from May, according to the survey of oil companies, producers and analysts. The 11 OPEC members with quotas, all except Iraq, pumped 25.86 million barrels a day, 1.015 million more than their target.

     Brent crude oil for August settlement declined as much as $1.09, or 1.6 percent, to $67.70 a barrel on London’s ICE Futures Europe exchange. It was at $67.97 a barrel at 10:38 a.m. in London.

     Q:Then ,what is the reason of it?

     A:U.S. fuel demand in the four weeks ended June 26 fell 5.8 percent from a year earlier, while demand for distillate fuel including heating oil and diesel, fell 9.4 percent, according to a Department of Energy report yesterday. The Labor Department will likely report the U.S. shed an additional 365,000 jobs in June, a Bloomberg survey showed.

     Other useful information:

     Crude oil supplies fell 3.66 million barrels to 350.2 million, the Department of Energy said yesterday. Inventories have dropped 15.8 million barrels in the past four weeks, the biggest four-week decline in a year. Stockpiles last week were 8 percent higher than the five-year average for the period, the department said.

     Stockpiles of distillate fuel in the U.S. gained 2.9 million barrels to 155 million, the highest since 1987.

     Gasoline stockpiles increased 2.33 million barrels to 211.2 million in the week ended June 26, the Energy Department said in a report yesterday. Inventories were forecast to rise by 2 million barrels, according to a Bloomberg News survey.

     Refineries operated at 87.1 percent of capacity in the week ended June 26, down 0.6 percentage point from the previous week, according to the DOE report. Gasoline consumption averaged 9.17 million barrels a day, rising 0.9 percent on better demand in the driving season.

     The article is from here.