NYMEX-Crude extends decline to around $76/bbl

                                
 TOKYO, May 12 (Reuters) - U.S. crude futures extended
declines on Wednesday after the American Petroleum Institute
reported that stockpiles at the Cushing, Oklahoma, delivery point
for U.S. benchmark crude rose again last week to another record.
                                
 FUNDAMENTALS
                                
 * NYMEX crude for June delivery <CLc1> was down 43 cents at
$75.94 a barrel by 0008 GMT, after settling down 43 cents at
$76.37 a day earlier amid doubts that the $1 trillion rescue
package aimed at stabilising the euro would work to keep Greece's
debt problems from spreading.
                                
 * The API data, released after the floor settlement on
Tuesday, also showed U.S. crude stockpiles rose far less than
expected last week while gasoline supplies fell, when analysts
had expected an increase. [API/S] [EIA/S]
                                
 * The Organization of Petroleum Exporting Countries raised
its 2010 world oil demand growth forecast but said non-OPEC
supplies would rise more than previously expected, while member
compliance with production targets fell to 51 percent.
[ID:nWLA3653]
                                
 * The U.S. Energy Information Administration also raised its
2010 world oil demand growth forecast from its previous estimate.
[ID:nWNA1018]
                                
 The EIA also lifted its forecast for non-OPEC crude oil
production growth in 2010. [ID:nWNA1019]
                                
 * U.S. retail gasoline demand rose 1.4 percent in the week to
May 7 from the previous week, according to MasterCard
SpendingPulse data. [ID:nN11191815]
                                
 MARKETS NEWS
                                
 * The Dow and the S&P 500 fell in a volatile session on
Tuesday as fears that a $1 trillion bailout for Europe will not
solve the region's deep-seated problems blunted an improving U.S.
economic picture. [.N]
                                
 * The euro fell on Tuesday as concerns resurfaced about the
euro zone's ability to contain its debt crisis, blunting initial
enthusiasm seen after this week's $1 trillion rescue package.
[USD/]
                                
 * Spot gold, often seen as a safe haven for investors,
vaulted 2.5 percent to a record high, highlighting the doubts
many investors have over the rescue plan. [ID:nLDE64A0ZJ]
                                
 DATA/EVENTS
                                
 * The following data is expected on Wednesday:
                                
 - 0500 GMT--Japan Leading Indicator/March
                                
 - 0600 GMT--Germany GDP Flash/Q1
                                
 - 0645 GMT--France GDP Prelim/Q1
                                
 - 0800 GMT--Italy GDP Prelim/Q1
                                
 - 0900 GMT--Euro Zone GDP Flash/Q1
                                
 - 1100 GMT--US Mortgage Market/Wkly
                                
 - 1230 GMT--US International Trade/Mar
                                
 - 1430 GMT--US Energy Information Administration data/wkly
                                
 -    n/a  --May 2010 ICE Gas Oil Futures Contract Expires
                                
 RELATED NEWS
> Curacao refinery restart fails after power problem [nN11130801]
> U.S. senators blast oil execs over spill, safety   [nN1198851]
                                
 PRICES
 Oil prices as of 0008 GMT          
 Contract Mnth    Price  Change  Day ago     pct     MA-20*
 NYMEX Contracts
 US Crude JUN0   $75.94   -0.43   -$0.43  -0.56%     $82.37
 Heat Oil JUN0   213.21   -0.80    +1.99  +0.94%     220.99
 RBOB     JUN0   219.00   -0.52    +2.26  +1.04%     228.93
 Natgas   JUN0   $4.147  +0.016  -$0.039  -0.94%     $4.069
 ICE Contracts
 Brent    JUN0       --   +0.00   +$0.37  +0.46%     $84.80
 Gasoil   MAY0       --   +0.00   +$5.50  +0.82%    $705.70
 Note: U.S. heating oil and RBOB gasoline contracts listed in
cents per gallon.
 * = 20-day moving average for continuation month.
 (Reporting by Osamu Tsukimori; Editing by Michael Watson)