NYMEX-Crude slides over 3 pct as fuel supplies rise

* EIA: crude stocks down more than expected, products jump

* IMF says recovery started, but will be sluggish

* OPEC expects long slog for demand recovery

NEW YORK, July 8 (Reuters) - U.S. crude oil futures slid
more than 3 percent on Wednesday, after government data showed
that distillate and gasoline supplies rose much more than
expected last week.

The fall in crude stocks was larger than forecast, but
traders fixed their sights on refined products.

Particularly bearish was the data on distillate stocks,
which include heating oil and diesel fuel, that showed
inventories were at their highest level in nearly 25 years.

The data from the U.S. Energy Information Administration
showed a deeper drawdown in crude stocks and bigger increases
in refined product stocks than those reported by the industry
group American Petroleum Institute late on Wednesday.

"Clearly, it's pretty bearish for products and I'd expect
we'll see gasoline and heating oil will probably be, at least
for today, what leads us lower," said Addison Armstrong,
director of market research at Tradition Energy in Stamford,
Connecticut.

Traders were already worried earlier by news from OPEC,
which said in its 2009 World Oil Outlook that consumption of
its crude would not return to 31 million barrels per day -- the
level it averaged in 2008 before the economic crisis cut oil
use -- until 2013. [ID:nWLA8490]

OPEC expects global demand to fall to 84.2 million bpd this
year from 85.6 million bpd last year.

Meanwhile, the dollar and yen climbed broadly due to risk
aversion amid unease about the global economy as investors
awaited a communique from a summit of G8 leaders. [USD/]

On Wall Street, the S&P 500 .SPX and the Nasdaq .IXIC
indexes turned negative while the Dow .DJI pared gains as
Microsoft (MSFT.O) drags. [.N]

The International Monetary Fund said the global economy is
starting to pull out recession, but recovery will be sluggish.
[ID:nWEQ001177]

PRICES

* On the New York Mercantile Exchange at 11:30 a.m EDT
(1530 GMT), August crude CLQ9 was down $2.19, or 3.48
percent, at $60.74 a barrel, trading from $60.57 to $62.68.
The low is the lowest since May 26's $59.53.

* The June 30 peak of $73.38 was the highest intraday
front-month crude oil price since crude hit $75.69 on Oct. 21.

* In London, August Brent crude LCOQ9 fell $2.06, or 3.26
percent, to $61.17 a barrel, trading from $60.98 to $63.13.

* NYMEX August RBOB RBQ9 dropped 6.52 cents, or 3.76
percent to $1.6676 a gallon, trading from $1.6640 to $1.72. It
fell to the lowest since May 13's $1.6635.

* NYMEX August heating oil HOQ9 slumped 6.07 cents, or
3.79 percent, to $1.54 a gallon, trading from $1.5369 to
$1.5910. It hit the lowest since May 27's $1.5350.

* The August/August RBOB crack spread <0#RB-CL=R> was at
$9.30, after ending at $9.85 on Tuesday. The August/August
heating oil crack spread <0#CL-HO=R> was at $3.94, after ending
at $4.30 on Tuesday.

* The spread between the current front month and the
five-year forward crude contract CLc61 was at $18.80, based
on the August 2014 contract Tuesday settlement at $79.54. The
spread ended Tuesday at $16.61.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $67.50/$69.01

Technical support/resistance:

NYMEX crude: $61.25/$64.35

NYMEX heating oil: $1.5420/$1.6320

NYMEX RBOB: $1.6050/$1.7560

For a full report on technicals, click on [ID:nL8618476]

MARKET NEWS

* The EIA said that crude oil inventories fell 2.9 million
barrels to 347.3 million barrels last week. The forecast in a
Reuters poll was for a 2.4 million barrel drawdown. [EIA/S]

* Stocks at the Cushing, Oklahoma, the NYMEX delivery hub,
were up 1.6 million barrels to 30.2 million barrels.

* Gasoline stocks rose 1.9 million barrels to 213.1 million
barrels. The forecast was for a 600,000-barrel increase.

* Distillate stocks, which include heating oil and diesel
fuel, jumped 3.7 million barrels, the highest level since the
week to Dec. 28, 1984, when supplies hit $159.5 million
barrels. The forecast for a 2.0 million barrel build.

* Refinery utilization edged down 0.2 percentage point to
86.8 percent of capacity. The forecast was for an 0.1
percentage point drop.

* The API said late on Tuesday that crude stocks fell 1.4
million barrels last week, gasoline stocks rose 767,000 barrels
and distillate supplies jumped 3.4 million barrels. [API/S]
(Reporting by Gene Ramos and Robert Gibbons; Editing by Lisa
Shumaker)