* Brent hits 6-month bottom; U.S. crude 4-1/2 month low
* Rising U.S. gasoline stocks signal more price pressure to
come
* Prices need to be lower for longer -Goldman Sachs
(Adds settlement prices)
By Barani Krishnan
NEW YORK, Aug 6 (Reuters) - Oil set multi-month lows on
Thursday as investors and traders sought clues about the
market's next bottom after a large drop in U.S. crude
inventories failed to boost prices.
A bigger-than-expected build in U.S. gasoline stockpiles
last week proved more important to investors than crude storage
numbers that came in three times below forecast on Wednesday.
Brent LCOc1 , the global oil benchmark, settled down 7
cents at $49.52 a barrel, after setting a six-month low at
$48.88.
U.S. crude CLc1 finished 49 cents lower at $44.66 after
touching a 4-1/2 month bottom at $44.20.
"We need to see a capitulation trade, and we have not gotten
that yet," said analyst Chris Jarvis of Caprock Risk Management
in Frederick, Maryland. "We believe that will come once oil
breaks below $40."
Crude futures are a few dollars away from breaking 2015
lows, which are above $40. Brent's bottom for the year is $45.19
while U.S. crude has plumbed $42.03.
"Prices are likely to consolidate or weaken further," said
Frankfurt-based Commerzbank (XETRA:CBKG) analyst Carsten Fritsch. "The
perception is that oversupply will be there for much longer."
Goldman Sachs (NYSE:GS) analysts said U.S. shale drillers had
dramatically reduced the time between committing capital and
producing oil, so low prices must be sustained to curtail
investments and allow supply-demand rebalancing to occur.
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U.S. crude inventories fell by 4.4 million barrels last
week, versus forecasts for a 1.5 million drop.
But gasoline stocks overshot, to 811,000 barrels, or 300,000
above expectations. The build came as U.S. refiners processed
gasoline and distillates, which include diesel, at record high
rates last week, taking advantage of strong refining margins.
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"If they continue to run at these levels, then we will see
massive builds in distillates and gasoline stocks when the peak
demand season is over for gasoline," Saxo Bank senior commodity
strategist Ole Hansen said.
Refiners could cut runs if margins collapse and as they head
into seasonal maintenance, leading to fresh builds in crude
inventories.
In global crude, September production across the North Sea's
Brent, Forties, Oseberg and Ekofisk grades is expected to be at
around 1 million barrels per day, the highest for the year,
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