Oil dropped to an eight-month low after the Energy Department reported that U.S. crude inventories climbed to the highest level in 22 years.

WHAT TO WATCH
(ALL TIMES NEW YORK)

4:00 a.m. LME Stockpiles
8:30 a.m. USDA Net Export Sales Cotton, Corn, Soy and Wheat
10:30 a.m. EIA Weekly Natural Gas Inventory Report
1:00 p.m. NYSE Liffe Stockpiles
2:00 p.m. USDA Cattle, Hog Slaughter

TOP STORIES
Oil Falls to Eight-Month Low as U.S. Supplies Unexpectedly Climb
Gasoline Sinks to Six-Month Low as Demand Slides, Supplies Rise
Natural Gas Declines on Outlook for Brief Eastern U.S. Heat Wave
Copper Futures Drop in N.Y., Ending Longest Rally in Seven Weeks
Gold Slumps Most in Two Weeks After Fed Expands Operation Twist
Soybeans, Corn Rise as Dry Weather Increases Midwest Crop Threat
Orange-Juice Futures Climb; Sugar Advances; Cocoa, Coffee Drop

ON THE FRONT PAGES
Baosteel, Hebei Interested in Thyssen’s Brazil Plant, FTD Says
Bolivia Signs Decree to Revoke Glencore Mining Lease, ABI Says
France May Allow Shell to Resume Guiana Drilling: Tribune Link

ECONOMIC DATA
(ALL TIMES NEW YORK)

2:00 a.m. Japan May Machine Tool Orders
3:00 a.m. France June PMI Manufacturing and Services
3:30 a.m. German June PMI Manufacturing and Services
4:00 a.m. Euro Zone June PMI Manufacturing and Services
4:30 a.m. U.K. May Retail Sales
8:30 a.m. U.S. Initial Jobless Claims
8:30 a.m. Canadian Retail Sales
8:58 a.m. U.S. Markit Flash Preliminary Manufacturing PMI
9:45 a.m. Bloomberg Consumer Comfort Index
10:00 a.m. U.S. Index of Leading Indicators
10:00 a.m. U.S. Existing Home Sales
10:00 a.m. Philadelphia Fed Business Outlook
10:00 a.m. Euro Zone June Consumer Confidence

TV HIGHLIGHTS
7:30 a.m. Former Federal Reserve Chairman Alan Greenspan
8:00 a.m. Former NYSE CEO Richard Grasso
5:00 p.m. Dls Capital Management Analyst David Steinberg on gold

MARKETS (4:00 p.m. NY TIME)

                               Last        Chg        %Chg
WTI Crude Oil                  $81.80      -2.23     -2.65
Gasoline                       $2.5902      -.0513   -1.94
Natural Gas                    $2.517       -.028    -1.10
Copper                         $3.3875      -.046    -1.34
Gold                           $1,614.80   -7.40     -0.46
Wheat                          $6.64        +.145    +2.23
U.S. Dollar Index              81.409      +0.023    +0.03
MSCI World Index               311.10      +0.68     +0.22

To contact the reporter on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net