U.S. crude oil futures fell on Monday on curbed optimism about a quick economic recovery, weaker equities, a stronger dollar and continuing tepid demand and swelling oil inventories. "Crude and products futures retreated overnight after the euro slipped below $1.30 for the first time in a month and European equities and U.S. stock futures fell," Addison Armstrong, analyst at Tradition Energy, said in a note. The front-month May crude contract expires on Tuesday, which was also cited as a factor helping pressure oil. June crude was pushed to a $49 a barrel intraday low. U.S. President Barack Obama said on Sunday the economy remained under strain, and his top economic adviser Paul Volcker said the country's recovery would be a "long slog". [ID:nN19340427] Meanwhile, U.S. crude inventories continue to rise, were near 19-year highs, and 2009 forecasts of global demand keep being revised lower. PRICES * On the New York Mercantile Exchange at 9:42 a.m. EDT (1342 GMT), May crude CLK9 was down $3.48, or 6.91 percent, at $46.85 a barrel, trading from $46.49 to $50.31. * June crude CLM9 fell $3, or 5.72 percent, to $49.47 a barrel, trading from $49 to $52.41. * In London, June Brent crude LCOM9 fell $2.50, 4.69 percent to $50.85 a barrel, trading from $50.24 to $53.06. * NYMEX May RBOB RBK9 fell 6.47 cents, or 4.33 percent, to $1.4280 a gallon, trading from $1.4107 to $1.4927. * NYMEX May heating oil HOK9 fell 7.27 cents, or 5.11 percent, to $1.3498 a gallon, trading from $1.3365 to $1.4338. * The May/May RBOB crack spread <0#RB-CL=R> was at $12.83 a barrel. It ended at $11.94 on Friday. The May/May heating oil crack spread <0#CL-HO=R> was at $9.55. It ended Friday at $9.42. * The spread between the current front month and the five-year forward crude contract CLc61 was at $27.74, based on the May 2014 contract's Friday settlement at $74.59. The spread ended at $24.26 on Friday. TECHNICALS NYMEX crude 10-day/20-day moving average: $50.05/$50.97 Technical support/resistance: NYMEX crude: $48.85/$51.06 NYMEX heating oil: $1.40/$1.4755 NYMEX RBOB: $1.46/1.5390 For a report on technicals click [ID:nLK637408] MARKET NEWS * The dollar hit a one-month high against a basket of currencies amid sharp falls in equities. [USD/] * World stocks slipped from last week's three-month high on Monday while government bonds rose as a big increase in troubled loans at Bank of America (BAC.N) and this week's key corporate results made investors nervous. [MKTS/GLOB] * Wall Street opens lower. [.N] * Curbed investment could reduce non-OPEC supply capacity by 360,000 barrels per day in the next 18 months, an official from the International Energy Agency said. [ID:nLK611741] * OPEC could cut output without driving prices higher if there is limited demand, the IEA's head said. OPEC meets again to mull production policy in late May. [ID:nPEK370995] * The IEA does not expect OPEC to curb output again when it meets in May, a top official said on Monday. [ID:nLK649917] * Oil priced at $50 a barrel may help the global economy recover faster, the UAE oil minister said, but could deter investment in capacity. [ID:nLK656460] * The 2009 Atlantic hurricane season will produce 11 tropical storms, of which six will become hurricanes, private forecaster WSI Corp predicted Monday.

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