* Market awaits EIA weekly stocks data at 1430 GMT
* Japan's core private-sector machinery orders at record low
* European stocks fall for fifth straight session []
(Updates prices, detail, changes dateline, pvs SINGAPORE)
By Christopher Johnson
LONDON, July 8 (Reuters) - Oil fell more than $1 to $62 on
Wednesday, on course for its sixth consecutive fall and longest
losing streak since mid-December, after doubts grew about the
strength of the global economy.
Figures from the American Petroleum Institute (API) on
Tuesday showed distillate stocks jumping by a much
higher-than-expected 3.4 million barrels, while gasoline
inventories rose 767,000 barrels against a forecast
600,000-barrel build. []
Combined with a 1.4 million barrels fall in crude stocks --
less than the expected 2.4 million barrels decrease -- the oil
data show little recovery in demand from the world's largest oil
consumer at a time when talk of "green shoots" has come under
renewed scrutiny.
U.S. light crude for August delivery <CLc1> fell $1.06 to a
low of $61.87 a barrel before recovering to $62.20 by 0744 GMT,
having settled $1.12 lower at 62.93 a barrel on Tuesday, its
fifth straight day of losses.
London Brent crude <LCOc1> fell 69 cents to $62.55 a barrel.
"The middle distillates numbers are terrible. It is normal
that stocks are going up at this time of the year but we are
already at record levels," said Tony Nunan, risk manager at
Mitsubishi Corp in Tokyo.
"It looks like gasoline demand had started to get better and
now suddenly looks bad. It could be for a couple of reasons: it
could be a price response or it could just be that the economy
is just not out of the woods yet," he added.
EIA
Prices could fall further if the Energy Information
Administration, which will release its weekly inventory data at
1430 GMT, shows similarly bleak data. []
Oil prices have fallen almost 15 percent from their brief
surge above $73 a barrel in late June on worries a rebound in
global fuel demand may be far off, after economic optimism
helped lift prices from lows under $33 struck in December.
But questions over the pace of economic recovery continue to
be raised, with the second-quarter's rally in energy and equity
markets now petering out.
Traders were keeping an eye on the Group of Eight summit in
Rome, where some of the leaders of the big Western economies
called for reduced volatility in energy markets and said
unpredictable prices impaired industry's ability to invest.
[]
U.S. stocks fell to a 10-week low on Tuesday after a member
of the Obama administration's economic advisory panel said the
United States should plan to possibly provide a second round of
stimulus funds to prop up the economy. []
More bearish data came from Japan, where the value of the
country's core private-sector machinery orders, a leading
indicator of capital spending, hit a record low in May, sending
the Nikkei average <> closing down 2.4 percent to a
six-week low. []
MSCI's index of Asia-Pacific shares outside Japan
<.MIAPJ0000PUS> dropped 1.6 percent. []
European shares fell in early trade, losing ground for the
fifth straight session, as investors braced for the start of the
corporate earnings season.
(Reporting by Christopher Johnson in London and Maryelle
Demongeot in Singapore; editing by Mark John)
