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Oil dropped 7 percent to below $66 a barrel on Wednesday after a US government report showed rising fuel stockpiles and slowing demand in the world's top energy consumer. Gasoline stocks rose by 1.1 million barrels last week, against analyst forecasts of a draw, as demand for the fuel fell 2.3 percent over four-week period to October 31, the Energy Information Administration said.
"The data looks bearish on most fronts with product supplies building more than expected as refinery activity held firm at the prior week's level," said energy analyst Jim Ritterbusch. US crude fell $5.04 to $65.49 a barrel by 2:26 pm EST (1926 GMT), while Brent crude lost $4.55 to $61.89 a barrel.
Crude prices have tumbled by about half from a record high of $147.27 a barrel in July as the global credit crisis hit the wider economy, damping fuel demand in major consumer nations. US stocks fell on Wednesday and earlier pared losses after data showed that the vast services sector shrank sharply, on the day after the US presidential election.
Barack Obama's first morning as president-elect was marked by reports of deep cuts in employment by private employers, possibly foreshadowing weakness in the government's employment report on Friday.
Oil had surged $6.62, or 10.36 percent, on Tuesday, the largest one-day gain since September 22, on signs Saudi Arabia and other Opec members had made cuts in oil exports, in compliance with an agreement last month to cut exports and stem the slide in oil prices. The EIA said it expects Opec production to be cut by 1.1 million barrels a day by January, representing about 70 percent of the planned 1.5 million barrel per day cut agreed last month.
In its weekly review of the oil market, the EIA said this would be higher than the usual 50 percent compliance with previous cuts. Opec member Angola said on Wednesday it had implemented its share of the supply curbs. US total oil product demand in the past four weeks fell to 19.10 million barrels per day, down 6.7 percent from a year ago, the EIA reported. US crude inventories were unchanged, against analysts expectations of a 1.1-million-barrel increase.
But crude stocks rose by a hefty 1.8 million barrels at Cushing, Oklahoma, the delivery point for US crude futures, while distillate inventories rose by 1.2 million barrels. Early pressure on crude came after Obama's victory in the US presidential election boosted the US dollar. The dollar later fell against the yen but retained gains against the euro. A firmer dollar makes oil more expensive for holders of other currencies and tends to pressure the crude price lower.

Copyright Reuters, 2008

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