Crude oil futures may decline as U.S. fuel inventories climb and consumption decreases, a Bloomberg News survey showed. Eleven of 29 analysts, or 38 percent, said futures will drop through Oct. 16.

Ten respondents, or 34 percent, forecast that the market will rise and
eight said prices will be little changed. Last week, 48 percent of
analysts said oil would fall.

Gasoline stockpiles climbed 2.94 million barrels to 214.4 million last
week, according to the U.S. Energy Department. Supplies of distillate
fuel, a category that includes heating oil and diesel, rose 679,000
barrels to 171.8 million, the highest since January 1983.

“The crude oil market will be at risk on the downside from any upturn
in the U.S. dollar, weakness in the S&P 500, or its own surplus of
supply,” said Tim Evans, an energy analyst with Citi Futures
Perspective in New York.

Fuel demand dropped 0.9 percent to an average of 18.7 million barrels a
day during the week ended Oct. 2, according to the department.

Oil prices have increased this week as equities gained and the dollar
weakened, reducing the appeal of commodities as an alternative
investment.

The Standard & Poor’s 500 Index rose the past four days. The dollar
fell to the weakest against the currencies of six major U.S. trading
partners in almost 14 months yesterday, spurring investors to buy raw
materials as an inflation hedge.

Crude oil for November delivery rose $1.74, or 2.5 percent, to $71.69 a
barrel so far this week on the New York Mercantile Exchange, the
highest close since Sept. 18. Futures are up 61 percent this year.

The oil survey has correctly predicted the direction of futures 47 percent of the time since its start in April 2004.

Source: Bloomberg

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