Crude oil fell in New York, retreating from the highest level in four months after economic reports raised doubts about a recovery and demand for energy. Japan, the world’s third-largest oil consumer, pared crude imports 14 percent in February from a year earlier as its exports plunged a record 49 percent, government data showed. U.S. crude stockpiles last week climbed by 4.58 million barrels, the American Petroleum Institute said yesterday. Total SA is halting production at its Port Arthur, Texas, refinery because of weak margins. “High stock levels and poor demand have caused some of the recent euphoria to evaporate,” said Christopher Bellew, senior broker at Bache Commodities Ltd. in London. “It remains to be seen whether the fragile economic recovery is real.” Crude oil for May delivery declined as much as $1.28, or 2.4 percent, to $52.70 a barrel on the New York Mercantile Exchange. It was at $52.82 a barrel at 9:50 a.m. London time. The contract rose 18 cents to $53.98 yesterday, the highest close since Nov. 28. Prices are up 19 percent this year. The U.S. dollar gained against other currencies, reducing the appeal of commodities as an inflation hedge. The dollar index rose to 84.28 today from 83.85. “The macro-economic data is showing nothing in the near- term that oil demand is going to pick up,” said Toby Hassall, an analyst with Commodity Warrants Australia Ltd. in Sydney. “These factors don’t suggest oil will maintain its momentum. The fact that we are still building on the inventories reflects the weak demand environment.” Sluggish in Japan Japan’s crude oil imports fell for a fourth month in February as sluggish industrial output and warmer weather damped automotive- and heating-fuel demand. The country shipped in about 4.26 million barrels a day last month, down 14 percent from a year earlier, a finance ministry preliminary trade report released in Tokyo shows. U.S. crude oil stockpiles rose 4.58 million barrels to 354.5 million in the week ended March 20, a report by the industry-funded American Petroleum Institute showed. “There is still a lot of crude oil out there at the moment,” said Ken Hasegawa, an energy derivative sales manager at Newedge in Japan. “No one is worried about a shortage.” A separate report today from the U.S. Department of Energy may show that oil stockpiles rose 1.1 million barrels in the week ended March 20 from 353.3 million the previous week, according to a Bloomberg survey of analysts. Inventories in the week ended March 13 were the highest since June 2007. The Energy Department is scheduled to release its weekly supply report at 10:30 a.m. in Washington. Same Direction Oil-supply totals from the API and Energy Department moved in the same direction 75 percent of the time over the past four years, according to data compiled by Bloomberg. API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The Energy Department requires reports to be filed for its survey. Brent crude oil for May settlement fell as much as $1.12, or 2.1 percent, to $52.38 a barrel on London’s ICE Futures Europe exchange. It traded at $52.45 as of 9:50 a.m. local time.

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