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Oil prices turn down

23 April 2009 09:36 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Crude oil fell in New York after a decline in the stock market and a gain in U.S. inventories renewed concern the global recession will sap demand for fuel, Bloomberg reports.

Oilâ€™s two-day climb stalled after U.S. banks said credit markets havenâ€™t recovered yet, pulling shares lower in late trading yesterday, while Japanese equities dropped today. U.S. oil stockpiles rose for a seventh week to the highest since September 1990, the Energy Department said yesterday.

Crude oil for June delivery fell as much as 48 cents, or 1 percent, to $48.37 a barrel in after-hours electronic trading on the New York Mercantile Exchange.

Prices are up 9.2 percent so far this year, after tumbling 54 percent last year.
U.S. oil stockpiles rose 3.86 million barrels to 370.6 million, the Energy Department said yesterday. Analysts expected a 2.5 million-barrel gain, according to a Bloomberg News survey. Gasoline inventories climbed 802,000 barrels to 217.3 million. A 700,000-barrel decline in the motor fuel was forecast.

Brent crude oil for June settlement fell as much as 56 cents, or 1.1 percent, to $49.25 a barrel on Londonâ€™s ICE Futures Europe Exchange