* U.S. crude stockpiles jump 2 million barrels - EIA
* IEA ups forecast for 2015 demand, supply
* For a technical view, click: []
(Updates prices, details)
By David Sheppard
LONDON, June 23 (Reuters) - Oil fell by 2 percent to $76 a
barrel on Wednesday after government data showed U.S. crude
stocks rose sharply last week and the International Energy
Agency forecast supplies would be comfortable for five years.
At 1401, U.S. crude for August delivery <CLc1> slid $1.72 to
$76.11 a barrel, extending declines into a second day. Prices
earlier touched a low of $75.17 a barrel before partly
recovering.
ICE Brent crude futures for August <LCOc1> fell $1.73 to
$76.31 a barrel.
The U.S. Energy Information Administration said crude oil
inventories rose by 2 million barrels last week, contrary to
analysts' expectations for a drop of 800,000 barrels. The build
was slightly below industry data published on Tuesday.
Prices got some support from signs demand is improving in
the world's largest energy consumer. U.S. inventories of
gasoline fell by 700,000 barrels last week, the EIA said, with
demand over the past four weeks up 1.2 percent on last year.
Distillate demand, which includes diesel, heating oil and
jet fuel, is up by almost 12 percent over the past four weeks on
the same period last year as an improving economy boosts
consumption.
U.S. distillate stocks rose by 300,000 barrels, against
analyst expectations for a 1.3 million barrel build.
"The EIA's data on gasoline and distillates appears to be
bullish as demand is rising, though not as strong as what we've
seen at this time of the year two years ago, before the economic
crisis set in," said Mark Waggoner, president of Excel Futures
in Bend, Oregon.
"The market may need more time to digest this mixed data and
at this point, it is not clear what impact the EIA data will
have."
Prices came under additional pressure after U.S.
single-family home sales tumbled by more than expected to a
record low in May, heightening concerns about the pace of the
economic recovery. []
MEDIUM-TERM OUTLOOK
While average daily global oil consumption is expected to
grow by 1.2 million barrels each year between 2009 and 2015
supply will largely keep pace, the International Energy Agency
(IEA) said in its annual medium-term oil and gas report.
"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 was seen hitting 96.5 million
barrels per day (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. []
A tropical wave south of Haiti strengthened slightly
overnight and could develop into a tropical depression over the
next couple of days, the U.S. National Hurricane Center said on
Wednesday. []
If the storm develops and turns north to head for the area
between Mexico's Yucatan peninsula and western Cuba, as
suggested by some models, it could disrupt clean-up operations
and oil production in the Gulf of Mexico. []
Prices of U.S. crude have gained less than 0.5 percent this
week after briefly jumping towards $79 on Monday.
They have climbed 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 the New York Energy Desk and by Alejandro
Barbajosa in Singapore; editing by Jane Baird)
