Crude oil fell on forecasts that an Energy Department report will show U.S. oil and fuel inventories rose last week.
Crude-oil stockpiles increased 1.5 million barrels in the week ended June 22, according to the median of responses by 13 analysts surveyed by Bloomberg News. Inventories of gasoline and distillate fuel, a category that includes heating oil and diesel, also rose, the survey showed.
``You're seeing a lot of positioning ahead of tomorrow's report,'' said Jason Schenker, an economist at Wachovia Corp. in Charlotte, North Carolina. ``We're looking for builds across the board. Prices have flirted with $70, but if tomorrow's report comes out as expected there could be a significant move lower.''
Crude oil for August delivery fell 28 cents, or 0.4 percent, to $68.90 a barrel at 9:10 a.m. on the New York Mercantile Exchange. Prices are down 4 percent from a year ago.
Brent crude oil for August settlement declined 48 cents, or 0.7 percent, to $70.88 a barrel on the London-based ICE Futures exchange.
source:bloomberg.com
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