By Claudia Assis and Nick Godt, MarketWatch SAN FRANCISCO (MarketWatch) -- Crude oil futures fell further Wednesday after the weekly inventories report showed unexpected increases for all energy products and the day's round of economic data gave little reason to think there will be enough demand to dent the ample supplies. Crude oil for October delivery declined 36 cents, or 0.5%, to $71.24 a barrel on the New York Mercantile Exchange, hitting a fresh 11-week low. A close around these levels would be the lowest since May 24, when oil closed at $70.21 a barrel. Gasoline for September delivery lost a penny, or 0.6%, to $1.84 a gallon, a new eight-month low. If futures close at these levels, it will be gasoline's lowest since Dec. 14, when prices closed at $1.83 a gallon. The Energy Information Administration reported Wednesday an increase of 4.1 million barrels to the nation's oil stockpiles for the week ended Aug. 20. Gasoline inventories rose 2.3 million barrels, while distillates inventories rose 1.8 million. Analysts surveyed by Platts expected an increase of around 1.1 million barrels for oil, and gasoline stocks were seen down 875,000 barrels. Stocks of distillates, which include heating oil and diesel, were forecast to go up by 950,000 barrels. The EIA data "continue(s) to paint a bearish picture across the entire energy complex," said Tariq Zahir, with Tyche Capital in New York. "Couple that with the continued weak economic numbers that we get almost daily (and) the global recovery looks extremely shaky." Zahir sees consolidation around the $70-a-barrel level over the next few sessions, and once that level is prices will be lower "barring a severe disruption from a hurricane," he added. The only hurricane in the horizon, Danielle, is heading northeast to the Bermudas, missing the key oil-producing and oil-refining areas in the Gulf of Mexico. The latest batch of economic reports showed weak orders of durable goods and a record-low pace for sales of new homes. The government reported Wednesday U.S. orders for durable goods rose 0.3% in July, much less than expected. Later, a trade group reported sales of new homes dropped 12.4% in July, an all-time record low. So much bad news has had the effect of dulling the impact of each new bit of data on oil prices, energy analysts at J.P. Morgan Chase said in a note to clients Wednesday. They added it would take some very bullish news for oil, such as a supply or better news from China, to see oil reverse higher. On Tuesday, crude settled at an 11-week low after a report showed U.S. existing home sales had their biggest slump on record in July.

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