MW: Oil falls first day in four on inventories worries
Crude-oil futures fell Monday, snapping their three-day winning streak on worries over excessive buildup in inventories and as fears rose that government stress tests may indicate more banking troubles. Crude for June delivery lost 44 cents, or 0.8%, to $52.76 a barrel in early North American electronic trading. "We are somewhat apprehensive about price prospects for energy over the short-term in light of the stress test results due to be announced later this week," said Edward Meir, an analyst at MF Global. "Both the commodity and equity markets have already pushed substantially higher in response to the slight improvement in the macro statistics." Oil had ended last week's trading up for a second week on hopes that the worst of the global recession might be over.
