Crude Oil Falls on Speculation US Supplies Climbed Last Week - Bloomberg

By Mark Shenk May 5 (Bloomberg) -- Crude oil fell from a five-month highon speculation a government report will show that U.S. suppliesclimbed to the highest level in more than 18 years.

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The Energy Department tomorrow will probably say thatcrude-oil inventories increased 2.5 million barrels last week,according to a Bloomberg News survey. Prices surged yesterday asthe Standard & Poor’s 500 Index gained 3.4 percent and pendingsales of existing U.S. homes jumped. “Prices fell on expectations that we are going to seeanother inventory build and because the stock market has moved alittle lower today,” said Phil Flynn , senior trader at AlaronTrading Corp. in Chicago. “We did reach a new high for the yeartoday but were unable to break through $55, which is a sign ofweakness.” Crude oil for June delivery fell 63 cents, or 1.2 percent,to settle at $53.84 a barrel at 2:49 p.m. on the New YorkMercantile Exchange. Futures touched $54.83, the highest sinceNov. 28. Oil is up 21 percent this year.

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