Published On: Tue, May 5th, 2009

Crude prices fall after four-day rally

Crude prices fell on Tuesday after a four-day rally as bulging oil inventories outweighed fragile hopes for an economic recovery.

The U.S. government is expected to report crude storage levels on Wednesday, which have reached a new 19-year high. The oil stockpiles could rise by 2.2 million barrels, according to the poll.

The U.S. dollar, which rebounded from a one-month low against the euro, also dragged down the crude prices.

Light, sweet crude for June delivery was down 63 cents to 53.84dollars a barrel on the New York Mercantile Exchange, after hitting a record high for the year of 54.83 dollars a barrel.

In London, Brent prices fell 46 cents to settle at 54.12 dollars a barrel on the ICE Futures exchange.