Oil fell below $70 as the physical market for crude signaled that supplies are more than adequate to meet tepid demand. West Texas Intermediate’s June-July cash roll, which reflects crude supply balances at Cushing, Oklahoma, dropped to a discount of 30 cents a barrel, indicating lower demand for barrels being delivered in June than in July. Stockpiles at the delivery point for benchmark US crude futures rose 1.05 million barrels in the week ending May 26, according to traders, who cited data from Wood Mackenzie. The futures market also reflected ample supply in the short term as the front-month WTI spread deepened ... (full story)