July 8 (Bloomberg) -- Crude oil fell for a sixth day, the longest losing streak since December, and gasoline tumbled to a two-month low after a report showed a bigger-than-expected gain in U.S. fuel supplies as the recession curbed demand.
Gasoline stockpiles climbed 1.9 million barrels to 213.1 million in the week ended July 3, more than twice the increase forecast in a Bloomberg News survey, the Energy Department said. Inventories of distillate fuel, a category that includes heating oil and diesel, rose to the highest since 1985 as consumption dropped to a 10-year low.
“The market is starting to focus on the weak fundamentals,” said Antoine Halff, head of energy research at Newedge USA LLC in New York. “The deterioration of the fundamentals should continue in the weeks ahead. The drop in prices has yet to run its course.”
Crude oil for August delivery fell $2.79, or 4.4 percent, to $60.14 a barrel at 2:42 p.m. on the New York Mercantile Exchange, the lowest settlement since May 19. Prices have dropped 16 percent in the past six days. more...
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