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Oil prices fell Thursday ahead of the release of a U.S. government report expected to show that U.S. crude and gasoline supplies rose last week.
News that a number of U.S. refineries which suffered unplanned glitches earlier this month were returning to full, or at least partial, production added to pressure on prices.
Light, sweet crude for July delivery dropped 24 cents to $63.25 a barrel on the New York Mercantile Exchange by afternoon in Europe. July Brent crude lost 10 cents to $67.74 a barrel on the ICE Futures exchange in London.
"It seems some traders are closing positions as it's the end of the month," said Hitoshi Inagawa, a Tokyo-based trader with Yutaka Shoji.
The U.S. Energy Department's weekly inventory report -- due later Thursday -- is forecast to show domestic gasoline stocks rose 1 million barrels for the week ended May 25, according to a Dow Jones Newswires poll of analysts.
Crude oil inventories were expected to climb about 300,000 barrels, and distillate stocks were predicted to rise about 500,000 barrels, according to the poll.
A big premium on the price of gasoline over crude oil is expected to have spurred more production of the fuel, said Jason Schenker, an economist at Wachovia in Charlotte, North Carolina.
"Gasoline imports likely rebounded from the previous week, and with higher refinery production, (stockpiles) likely built," Schenker said.
Heating oil futures dropped 0.80 cent to $1.8675 a gallon on the Nymex, while natural gas prices rose 4.4 cents to $7.985 per 1,000 cubic feet.

Labels: Crude Oil, CVX, Oil Prices, RDS-B