MW: Crude falls on housing data, inventories expectation
Crude-oil reversed earlier gains Tuesday, falling slightly lower as newly released data indicated a slump in U.S. home values and as analysts forecast another rise in U.S. crude inventories. Crude for May delivery was last down 11 cents, or 0.2%, at $48.30 a barrel on the New York Mercantile Exchange. It rose 3.2% to $49.94 earlier. Home values in 20 major U.S. cities fell a record 19% in the 12 months ending in January, Standard & Poor's reported Tuesday. Analysts expect weekly oil inventory data from the Energy Information Administration to show a 3.2 million barrels gain in U.S. crude inventories, a Platts survey showed Monday.
