West Texas Intermediate oil fell for a second day on speculation a report will show that U.S. crude supplies rose to the highest level in more than 22 years.

Futures declined as much as 1.2 percent before the release of government data tomorrow that’s projected to show stockpiles climbed by 2.25 million barrels last week, according to a Bloomberg survey of analysts.

U.S. gasoline stockpiles probably slid 1 million barrels last week, according to the median estimate of 10 analysts surveyed by Bloomberg before the Energy Information Administration report tomorrow. Distillate supplies, a category that includes heating oil and diesel, also fell 1 million barrels, the survey showed.

Exxon Mobil Corp. is developing a plan to repair a leak that shut the Pegasus pipeline system, which moves oil to Gulf Coast refineries from the central U.S.

Exxon’s 96,000 barrel-a-day Pegasus pipeline line was shut after a leak was discovered March 29 in Arkansas. The line runs 940 miles (1,512 kilometers) from Patoka, Illinois, to Nederland, Texas, and serves refineries around Port Arthur and Beaumont on the Gulf Coast near Texas’ border with Louisiana.

Oil futures also fell after the euro dropped as much as 0.3 percent against the dollar, curbing the appeal of raw materials denominated in the U.S. currency as an investment.

The jobless rate in the 17-nation euro-area rose to a record 12 percent in February and the January figure was revised up to the same level from a previous estimate of 11.9 percent, the European Union’s statistics office in Luxembourg said today. That’s the highest level in data going back to 1995 and matches the median forecast in a survey of economists.

WTI oil for May delivery dropped to $95.91 a barrel on the New York Mercantile Exchange.

Brent for May settlement decreased 35 cents, or 0.3 percent, to $110.73 a barrel on the London-based ICE Futures Europe exchange.

Gold cheaper pressure of the strong dollar against the depreciation of the euro and the pound. The European currency fell after weak data on manufacturing activity in the region.

Activity in the eurozone manufacturing sector declined in March, the fastest pace in three months as new orders. According to the presented data on Tuesday, purchasing managers' index (PMI) for the manufacturing eurozone in March fell to 46.8, its lowest level since December, compared with 47, 9 in February. Index values ​​below 50 indicate a decrease in activity. The preliminary purchasing managers' index (PMI) for the manufacturing eurozone in March, presented by Markit, was equal to 46.6.

Published data are further evidence of reduction of euro area GDP in the first three months of 2013, which means continued economic recession, for 15 months. In this light, hope the leaders of the euro area at the beginning of economic recovery in the near future looks uncertain.

At the same time, the purchasing managers' index (PMI) for the manufacturing of Great Britain in March rose to 48.3 against 47.9 in December. In Markit also reported that the average index for the manufacturing PMI in the UK 1st quarter was equal to 49.0 compared to 49.2 in the 4th quarter of 2012. More negative than expected, the data make it more likely that the Bank of England on Thursday in a meeting to decide to increase the bond-purchase program, known as quantitative easing.

Support the dollar was promzakazy growth data in the U.S.. According to the report, the volume of industrial orders in the U.S. rose in February by 3.0% to U.S. $ 491.98 billion, offsetting a decline of 1% in January. The data for January were revised. U.S. manufacturing sector in February, continued its growth faltering, as the volatility of different defense industry and aerospace industry, to ensure the overall growth, despite slow or weak improvement in other categories. Decline in orders for chemical products, machinery and equipment, and computers were more than offset by the increase in demand for commercial aircraft and parts twice, and jump defense contracts by 72.6%.

Cost June gold futures on the COMEX today dropped to 1579.6 dollars per ounce.

Change % Change Last

GOLD 1,600.20 -0.70 -0.04%

OIL 96.94 -0.13 -0.13%