U.S. crude futures slipped towards $66 a barrel in last trading session, extending losses from the previous day when data showed the U.S. jobless rate in June at nearly 26-year high, reviving worries about economic recovery prospects. Nat Gas also fell on the back of mild weather forecasts and concerns about growing supplies and falling demand weighed on prices despite a slightly supportive weekly inventory report.

IN FOCUS:
OPEC-member Ecuador's finance minister said on Thursday that oil should average around $70 a barrel in the rest of 2009 and through 2010.

The U.S. Energy Information Administration report showed that total domestic gas inventories climbed to 2.721 trillion cubic feet, still a record high for this time of year.

The U.S. National Hurricane Center said Thursday it did not expect any tropical development for the next 48 hours. AccuWeather.com expects temperatures in the Northeast and Midwest, big gas consuming regions, to remain below normal for at least the next week, with highs ranging from the mid-70s to mid-80s Fahrenheit area.

FUNDAMENTAL OUTLOOK:
Crude oil prices have declined sharply in the last few sessions. We do not recommend selling crude oil at these levels. We recommend selling crude oil at rise as demand