* Cushing crude stocks up in week to June 22-Genscape
* U.S. jobless claims fall more than expected
* Coming up: U.S. Q1 GDP, consumer mood data due Friday
(Updates throughout, changes by-line and dateline, previously
LONDON)
By Gene Ramos
NEW YORK, June 24 (Reuters) - U.S. crude oil futures slid on
Thursday as a less optimistic economic outlook from the Federal
Reserve outweighed concerns over a potential storm developing in the
Atlantic.
U.S. crude for August delivery <CLQ0> slid 50 cents, at $75.85 a
barrel at 1 p.m. EDT (1700 GMT) after falling as low as $75.32
earlier.
In London, ICE Brent futures traded down 31 cents at $75.96 a
barrel.
The dollar fell as the U.S. Federal Reserve issued a less
optimistic outlook on economic growth on Wednesday and the euro
slipped on renewed worries about Greece's sovereign debt. []
Further pressure came after Genscape reported inventories at the
key Cushing, Oklahoma crude oil hub rose by 240,000 barrels in the
week to June 22. []
Traders were also factoring in storm worries after the U.S.
National Hurricane Center said on Thursday that a tropical wave over
the Caribbean Sea had about a 40 percent chance of developing into a
tropical depression over the next couple of days. []
If the depression develops, a further strengthening could turn it
into a named tropical storm, If it does, it will be named Alex. Most
weather models project the current weather disturbance will turn
north into the Gulf of Mexico after crossing Mexico's Yucatan
Peninsula.
"The dollar has backed off a bit and the storm possibility has
been out there and it may have bounced off some technical support
also," said Phil Flynn, analyst at PFGBest Research in Chicago.
Any storm in the region could further complicate BP's clean-up
efforts of its massive oil spill and disturb current oil production
in operating platforms in the region.
Traders were also keeping close tabs of technical factors, as
prices have turned in lower highs and lower lows in the first three
days of the week.
"A break below the $75.17, the previous trading session low, will
trigger a drop to $74.22 or lower, to $73.10, the 50 percent and 61.8
percent Fibonacci retracement levels respectively," said Reuters
market analyst Wang Tao.
[]
FED OUTLOOK TRUMPS DATA
Earlier, prices bounced back after data showed the number of
U.S. workers filling new applications for unemployment insurance fell
more than expected and euro zone industrial orders rose at their
fastest pace in 10 years.
The drop in U.S. first-time jobless claims and positive
manufacturing data appeared supportive, but not enough to overcome
worries arising from the Fed's assessment of the shaky economic
recovery that led it to keep interest rates at low levels. For
details, see []
U.S. government data on Wednesday stoked bearish sentiment as
domestic crude stockpiles jumped 2 million barrels last week, even
though gasoline fell more than expected, by 800,000 barrels. []
Also pressuring crude prices, the International Energy Agency
said on Wednesday global oil supplies will match expected growth of
1.2 million barrels in daily oil consumption through to 2015.
Meanwhile, the controversy deepened over a six-month deepwater
drilling ban imposed by the U.S. government in the wake of the BP oil
spill in the Gulf of Mexico deepened.
On Thursday, a U.S. federal judge refused to put on hold his
decision blocking the government from enforcing the ban, rejecting
the Obama administration's request to stay his decision.
[]
(Additional reporting by Robert Gibbons in New York; Emma Farge
in London; and Alejandro Barbajosa in Singapore)
(Reporting by Gene Ramos; Editing by Sofina Mirza-Reid)
