Crude Oil May Fall as Fuel Stockpiles Increase, Demand Drops, Survey Shows - Bloomberg

Twenty-eight of 46 analysts, or 61 percent, forecast crude oil will decline through Aug. 13. It was the most bearish result since July 2009. Twelve respondents, or 26 percent, predicted that futures will increase and six saw little change. Last week 42 percent of analysts forecast a drop.

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Gasoline supplies increased 729,000 barrels, or 0.3 percent, to 223 million last week, the highest level since April 30, an Aug. 4 Energy Department report showed. Stockpiles of distillate fuel, a category that includes heating oil and diesel, rose 2.17 million barrels to 169.7 million, the highest level since the week ended Oct. 16. Crude oil inventories in the 15-state Midwest rose to 97.7 million barrels in the week ended July 30, the highest level recorded since the data started in 1990, the report showed.

Crude Oil May Fall as Fuel Stockpiles Increase, Demand Drops, Survey Shows - Bloomberg