* API data Tuesday said crude stocks rose, pressured oil
* IEA says supply should meet demand growth, weighs on oil
* Coming up: EIA inventory data 10:30 a.m. EDT (1430 GMT)
NEW YORK, June 23 (Reuters) - U.S. crude oil futures fell
more than 2 percent on Wednesday after an industry inventory
report late Tuesday showed a surprise build in crude stocks
last week.
The industry group American Petroleum Institute's report,
released on Tuesday after crude prices had settled, showed a
surprise build in crude stocks by 3.7 million barrels. [API/S]
Gasoline stocks rose 810,000 barrels and distillate
stockpiles rose 1.1 million barrels, the API said. The API said
crude oil imports were up and stocks rose at the Cushing,
Oklahoma, delivery point for NYMEX benchmark crude.
A Reuters analyst poll ahead of weekly inventory reports
forecast U.S. crude stocks to have fallen 800,000 barrels last
week. Gasoline stocks were expected to be down 100,000 barrels
and distillate inventories up 1.3 million barrels. [EIA/S]
The U.S. Energy Information Administration's inventory
report will be released on Wednesday at 10:30 a.m. EDT (1430
GMT).
Also pressuring oil was the International Energy Agency's
medium-term oil and gas market report on Wednesday that said
rising oil supplies will mostly offset demand growth over the
next five years. [ID:nLDE65M0P5]
Financial markets will be eyeing results from the U.S.
Federal Reserve's Federal Open Market Committee two-day meeting
concluding Wednesday. Most analysts expect the Federal Reserve
to continue to keep rates low. A statement is expected at about
2:15 p.m. EDT (1815 GMT).
The euro fell against the dollar as investors adjusted
positions ahead of the Federal Reserve interest rate
announcement. [USD/]
Wall Street opened slightly higher, then fell back after a
report showing U.S. single family home sales fell in May. [.N]
PRICES
* On the New York Mercantile Exchange at 10:08 a.m. EDT
(1408 GMT), front-month August crude CLQ0 was down $2.10, or
2.7 percent, at $75.75 a barrel, trading from $75.46 to
$77.83.
* The NYMEX July crude CLN0 contract expired on Tuesday
at $77.21 a barrel, down 61 cents on the day.
* In London on the Intercontinental Exchange, August Brent
crude LCOQ0 fell $1.91, or 2.45 percent, to $76.13 a barrel,
trading from $75.85 to $78.18.
* NYMEX July RBOB RBN0 fell 5.94 cents, or 2.78 percent,
to $2.0741 a gallon, trading from $2.0697 to $2.1329.
* NYMEX July heating oil HON0 fell 5.27 cents, or 2.49
percent to $2.0602 a gallon, trading from $2.0527 to $2.12.
* The August/August heating oil crack spread <0#CL-HO=R>
was at $11.46 a barrel. The August/August spread ended Tuesday
at $11.64. The August/August RBOB crack spread <0#RB-CL=R> was
at $11.14. The August/August spread ended Tuesday at $11.45.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $13.07, based
on the August 2015 contract Tuesday settlement at $88.82. The
spread between the expiring July 2010 contract and the July
2015 contract ended on Tuesday at $11.49.
MARKET NEWS
* European and Asian stocks fell on fears about economic
recovery and as renewed concerns over Europe's banking system
undermined flows into risky assets. [MKTS/GLOB]
* A tropical wave in the Caribbean Sea could develop into a
tropical depression over the next couple of days, the U.S.
National Hurricane Center said. [ID:nN23193818]
(Reporting by Robert Gibbons; Editing by Walter Bagley)
