CRUDE OIL UPDATE

Attention turns to the US DoE oil inventory data at 1030EDT,
where oil analysts are forecasting crude oil supplies to fall 500k
barrel in the week ended June 16. Gasoline supplies are expected to rise
1.5mln barrels -- this will the 8th consecutive weekly rise as refiners
increase supply during peak US summer demand and attempt to cash in on
the wide crack spreads. Distillate supplies are also expected to rise
1.5mln barrels. As normal, the demand component will be of greater
importantance, in particular the gasoline figure.