Nov. 13 (Bloomberg) -- Crude oil may decline next week as U.S. fuel stockpiles increase and refineries reduce operating rates because of weak demand in the world’s biggest energy- consuming country.

Fourteen of 28 analysts, or 50 percent, said futures will drop through Nov. 20, according to a Bloomberg News survey of analysts. Six respondents, or 21 percent, predicted the market will rise and eight forecast little change. Last week, analysts were split over whether oil would rise or fall.

“I am expecting that prices will remain under pressure, specifically led downward by products,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston. “The current overhang of product inventory is pressuring margins, resulting in lower and lower capacity utilization.”

Gasoline stockpiles rose 2.56 million barrels to 210.8 million last week, the U.S. Energy Department said yesterday. The gain left supplies 4.8 percent higher than the five-year average for the period. Inventories of distillate fuel, a category that includes heating oil and diesel, climbed 349,000 barrels to 167.7 million, 29 percent higher than average.

Refineries operated at 79.9 percent of capacity, down 0.7 percentage point from the prior week, the report showed. The average rate during the first week of November over the previous five years was 87.1 percent of capacity.

U.S. fuel consumption tumbled 4.3 percent to 18.3 million barrels a day, the lowest since June, according to the report.

Crude oil for December delivery fell $1.08, or 1.4 percent, to $76.35 a barrel this week on the New York Mercantile Exchange. Futures are up 71 percent this year.

The oil survey has correctly predicted the direction of futures 47 percent of the time since its start in April 2004.

     Bloomberg’s survey of oil analysts and traders, conducted
each Thursday, asks for an assessment of whether crude oil
futures are likely to rise, fall or remain neutral in the coming
week. The results were:

                    RISE      NEUTRAL    FALL
                     6          8         14

To contact the reporter on this story: Blake Ellis in New York at bellis9@bloomberg.net

Last Updated: November 13, 2009 16:11 EST