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Oil prices fell Tuesday amid expectations that U.S. fuel inventory data will again show a rise in crude and gasoline stocks.
A decision by Nigerian unions to call off a strike and an announcement by Royal Dutch Shell that it would resume crude exports next month from the Forcados terminal -- shut down more than a year ago due to militant attacks -- also put pressure on prices.
Light, sweet crude for August delivery on the New York Mercantile Exchange fell 49 cents to $68.69 a barrel by afternoon in Europe.
Brent crude for August delivery fell 47 cents to $70.75 a barrel on the ICE Futures exchange in London.
Despite the expected increases in supplies and refinery rates, there are lingering concerns the refining industry will not be able to produce enough gasoline to meet U.S. summer driving demand, which peaks between the July 4 holiday and Labor Day in early September.
Crude stocks are expected to have risen by 1 million barrels last week. Distillate stocks, which include heating oil and diesel fuel, are forecast to have increased by 200,000 barrels last week, the Dow Jones Newswires survey showed.
Heating oil futures for July fell by more than 2 cents to $2.0221 a gallon and natural gas prices edged upward to $6.946 per 1,000 cubic feet.

Labels: RDS-B, USO