By Margot Habiby Sept. 21 (Bloomberg) -- Oil fell for the fifth time in six days before a government report that may show refineries in the U.S. operated at their lowest rate in five months. Refineries ran at 86.8 percent of capacity in the seven days to Sept. 17, the Energy Department will report tomorrow, based on the median estimate of 15 analysts in a Bloomberg News survey. Federal Reserve policy makers gather in Washington a day after the National Bureau of Economic Research said the worst U.S. recession since the Great Depression ended in June 2009. “We’re seeing some reluctance from the refinery sector to buy crude, given high product stocks,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “Even though the recession’s ended, we’re still waiting to get some news which suggests we’re getting a recovery.” Crude for October delivery dropped 52 cents, or 0.7 percent, to $74.34 a barrel at 8:01 a.m. on the New York Mercantile Exchange. The contract expires at the close of floor trading today. The more active November futures gained 4 cents to $76.23 a barrel. U.S. crude supplies probably slipped 1.6 million barrels from 357.4 million, according to the survey. Gasoline stockpiles decreased 250,000 barrels from 224.5 million, and stockpiles of distillate fuel, including heating oil and diesel, grew by 100,000 barrels last week, the first increase in four weeks. The industry-funded American Petroleum Institute will release its weekly report on supply and demand later today. FOMC Meeting The Federal Open Market Committee is scheduled to release a policy statement at around 2:15 p.m. in Washington. “All eyes are on the FOMC meeting today,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London. “We do not think they will call for quantitative easing today, but lay the groundwork for November.” Brent crude oil for November settlement rose 62 cents, or 0.8 percent, to $79.94 on the London-based ICE Futures Europe exchange. Brent’s premium to the New York November contract climbed to $3.71 a barrel today from $3.13 yesterday. To contact the reporter on this story: Margot Habiby in Dallas at mhabiby@bloomberg.net.

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