* U.S. crude stockpiles jump 3.7 million barrels -API
* IEA ups forecast for 2015 demand, supply
* Coming Up: EIA U.S. inventory report; 1430 GMT
* For a technical view, click: []
(Updates prices, details)
By David Sheppard
LONDON, June 23 (Reuters) - Oil extended losses below $78 a
barrel on Wednesday after U.S. industry data showed a surprise
jump in crude and gasoline stocks, and investors looked to
government figures later in the day for confirmation.
The International Energy Agency (IEA) added to the bearish
mood by forecasting that supplies will be comfortable for the
next five years. []
At 1137 GMT, U.S. crude for August delivery <CLc1> slid 20
cents to $77.75 a barrel, extending declines into a second day.
ICE Brent crude futures for August <LCOc1> fell 12 cents to
$77.92 a barrel.
The American Petroleum Institute (API) trade group said U.S.
crude stocks rose by 3.7 million barrels last week, contrary to
analysts' expectations for a drop of 800,000 barrels.
Gasoline stocks also rose by 810,000 barrels, even though
demand generally peaks in the summer months as motorists in the
world's largest energy consumer take to the roads on holiday.
Analysts had predicted a 100,000 barrel draw.
"Driving season bulls have to acknowledge that inventories
are not likely to reach critically low levels," said Tim Evans,
an energy analyst at Citi Futures Perspective, adding that U.S.
gasoline demand is at its lowest level for this time of year
since 2004.
Later on Wednesday, traders will be watching the release of
the U.S. Energy Information Administration's (EIA) weekly
snapshot of oil and product inventories to see if the government
data provides a more definitive picture of demand.
MEDIUM-TERM OUTLOOK
While world oil demand is now expected to grow by an average
of 1.2 million barrels per day (bpd) between now and 2015, the
IEA said on Wednesday in its annual medium-term oil and gas
report that global supply would largely keep pace.
"For the next few years, the oil market is marked by more
comfortable spare capacity than envisaged last year, and the
duration of the current gas glut is set to last beyond 2013, at
least in some regions. Yet, we shouldn't be complacent," the
Paris-based IEA said. []
Global oil production capacity is seen hitting 96.5 million
bpd by 2015 from 91 million bpd currently, but potential delays
to new deepwater oil projects following the accident at BP's
<BP.L> oil rig in the U.S. Gulf of Mexico may tighten supplies.
On Tuesday, a U.S. judge blocked the Obama administration's
six-month ban on deepwater drilling imposed in the wake of BP
Plc's <BP.L> Gulf of Mexico oil spill, but the White House said
it would appeal against the ruling. []
Tuesday's weaker-than-expected housing data in the United
States also weighed on prices, analysts said. Existing U.S. home
sales were down by 2.2 percent in May, raising fears about the
pace of the economic recovery.
"If the stock market is going down, it is a factor to drive
the crude market lower," said Ken Hasegawa, a commodity
derivatives manager at brokerage Newedge in Japan. "People
continued profit-taking after the API stock build."
Prices of U.S. crude have gained less than 0.5 percent this
week after briefly jumping towards $79 on Monday.
They have recovered about 20 percent from a trough below $65
a barrel a month ago but are still about $10 lower than the
19-month peak above $87 a barrel hit in early May, before the
onset of the European debt crisis.
(Additional reporting by Alejandro Barbajosa; editing by Keiron
Henderson)
