* Brent crude revisits Jan. 30 low, U.S. crude hits March
bottom
* Brent down about 7 pct on the week, U.S. crude down about
6 pct
* Gasoline at 5-1/2-month trough on fears of waning demand
* U.S. oil rig count up by 6 this week -Bakers Hughes data
* Coming Up: CFTC data on managed money in U.S. crude at
1930 GMT
(Updates all prices to settlement)
By Barani Krishnan
NEW YORK, Aug 7 (Reuters) - Crude oil dipped on Friday,
plumbing multi-month lows and heading for a sixth straight week
of losses, as the approaching end of the U.S. summer driving
season suggested a growing surplus in gasoline supply.
Oilfield services firm Baker Hughes' report that the U.S.
oil rig count rose by six this week added to the bearish
sentiment for crude as it signalled production could creep up
from higher drilling activity. Drillers have added a total of 32
oil rigs over the past three weeks. RIG/U
Traders and investors await Commodity Futures Trading
Commission (CFTC) data at 3:30 p.m. EDT (1930 GMT) to determine
if money managers again had slashed their bullish exposure to
U.S. crude in the week to Aug 4. Hedge funds' net longs in U.S.
crude fell to near five-year lows in the two previous weeks.
Government data showing U.S. gasoline stocks exceeded market
estimates by about 300,000 barrels last week has pushed global
oil benchmark Brent to six-month lows and U.S. crude to a
4-1/2-month trough since Wednesday. EIA/S
Brent LCOc1 settled down 91 cents, or 1.8 percent, at
$48.61 a barrel on Friday, after touching a more than six-month
low of $48.45.
U.S. crude CLc1 closed down 79 cents, or 1.8 percent, at
$43.87, after hitting a more than four-month session low of
$43.80.
Brent was down 7 percent for the week. It fell 23 percent
over the past six weeks.
U.S. crude also slid 7 percent on the week and lost 26
percent in the last six weeks.
Analysts said crude futures could be pressured in coming
months by seasonal refinery maintenance and stock builds in key
oil products such as distillates, which include diesel.
Gasoline RBc1 hit a 5-1/2-month low on Friday. It tumbled
12 percent on the week, its sharpest weekly loss in almost six
years. Ultra-low-sulfur diesel HOc1 fell nearly 3 percent on
the week after hitting a six-year bottom on Wednesday.
"The summer driving season is fading and we could see a
quick ramp-up in gasoline stocks," said Chris Jarvis, analyst at
Caprock Risk Management in Frederick, Maryland.
"We've had record refining heading out of the driving season
that should translate into higher stocks of refined products in
fall and winter."