By Ron Bousso
LONDON, May 15 (Reuters) - Oil fell below $102 a barrel on Wednesday after data showed the euro zone was in its longest recession ever, while a stronger dollar and rising U.S. refined products stocks put additional pressure on prices.
Brent crude is down nearly 15 percent from its 2013 peak on the back of weaker demand in China and a sluggish recovery in the U.S. economy.
Brent crude slipped 97 cents to $101.63 a barrel by 1455 GMT. U.S. oil fell $1.62 to $92.59 a barrel, declining for a fifth straight day.
U.S. crude inventories fell last week, but gasoline and distillate stocks rose along with refinery rates, data from the Energy Information Administration showed on Wednesday.
However, stocks at the Cushing, Oklahoma, crude storage hub rose 575,000 barrels to 49.72 million barrels.
'The large build in crude oil storage in Cushing, Oklahoma, and the large rise in gasoline inventories combine to undermine prices, as the Cushing delivery point is not clearing in terms of inventories,' said John Kilduff, partner at Again Capital in New York.
The euro zone's economy contracted for the sixth straight quarter at the start of the year, marking its longest recession since records began in 1995.
Germany, the region's largest economy, narrowly dodged falling into recession.
'The market already priced in the weak results, but Germany, which accounts for a third of the euro zone GDP, came in weaker than expected,' Harry Tchilingurian, head of commodity market strategy at BNP Paribas, said.
In the United States, activity in New York state's manufacturing sector unexpectedly contracted in May, falling to the lowest level in four months, adding to concerns over the global economic recovery and oil demand.
Oil has also faced pressure in the past few sessions from a stronger U.S. dollar, which makes commodities more expensive for holders of other currencies.
The market outlook was weakened after the International Energy Agency (IEA) said in a report that rising U.S. shale oil production will help to meet most of the world's new demand in the next five years, with OPEC spare capacity set to rise.
Iran faced fresh international pressure over its nuclear programme on Wednesday in two separate meetings in Vienna and Istanbul, but no breakthrough was expected.
'The world is to remain well supplied in the medium term ... At the same time, price volatility is still set to come from macro events or geopolitics, where any price spike would be temporary given the current comfortable supply cushion,' VTB Capital analyst Andrey Kryuchenkov said.
(Additional reporting by Manash Goswami; Editing by Anthony Barker) Keywords: MARKETS OIL/
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