Sept. 13 (Bloomberg) -- Crude oil traded near its lowest in more than five months after falling for a seventh day as the International Energy Agency lowered consumption forecasts citing slowing demand growth in the U.S.

Global oil demand will average 84.7 million barrels a day this year, 100,000 barrels less than was forecast last month, the Paris-based IEA said yesterday. An Energy Department report today will probably show crude oil stockpiles in the U.S., the world's biggest consumer, are about 12 percent higher than the seasonal average the past five years.

``We're going to see much more crude oil on the market'' in the next couple of months, said Mark Waggoner, president of Excel Futures Inc. in Huntington Beach, California. ``We're going to start seeing builds in crude and draws on gasoline'' as refiners start pre-winter maintenance, he said.

Crude oil for October delivery was at $63.75 a barrel, down 1 cent, in after-hours electronic trading on the New York Mercantile Exchange at 10:05 a.m. in Singapore. Prices today are 1.1 percent higher than a year ago.

The contract fell $1.85, or 2.8 percent, to $63.76 yesterday, the lowest close since March 22. Futures have declined for seven trading days, the longest stretch since October 2003.

``We're in the midst of a tectonic change,'' Peter Beutel, president of Cameron Hanover Inc., a New Canaan, Connecticut, energy consultant said yesterday. ``The rally that's lasted almost five years may be over. We keep seeing lower demand estimates which show the impact of very high prices.''

Demand, Stockpiles

Oil demand in North America will average 25.5 million barrels a day in 2006, the IEA said, down 100,000 barrels from the agency's forecast a month ago.

U.S. oil stockpiles held 330.6 million barrels on Sept. 1, 12 percent more than the five-year average for the period, according to the Energy Department.

Supplies probably fell 2 million barrels last week as refiners ran down stocks before shutting units to prepare for winter fuel production, according to a Bloomberg news survey of 14 analysts.

Gasoline supplies probably rose by 200,000 barrels. They held 206.9 million barrels the week before, 4.2 percent more than the five-year average.

U.S. refiners often shut units for maintenance in September and October as gasoline demand falls with the passing of the summer vacation season and before winter heating demand begins.

Iran, OPEC

Oil reached a record $78.40 a barrel on July 14. Prices have plunged 19 percent the past two months on signs demand growth is slowing and as the risk of the United Nations Security Council imposing sanctions on Iran eased.

``I don't see us going much further,'' Excel's Waggoner said. ``It's probably going to consolidate around that $62.50, $62-even level.''

The Organization of Petroleum Exporting Countries, which pumps about 40 percent of the world's oil, is concerned by the pace of the decline in prices, group president Edmund Daukoru said Sept. 11. OPEC agreed that day to keep its output target unchanged at 28 million barrels a day.

Iran, the group's second-largest producer, will lobby for a cut in quotas if prices fall below $60 a barrel, Kazem Vaziri- Hamaneh, the country's oil minister, said yesterday.

To contact the reporter on this story: Gavin Evans in Wellington at gavinevans@bloomberg.net

Last Updated: September 12, 2006 22:26 EDT