By Emma Farge LONDON (Reuters) - U.S. crude prices fell below $72 on Thursday on oversupply worries after hitting the highest level since late June while Brent prices briefly touched a record for 2009. A rally of more than 1 percent in European shares sparked the initial jump but persistent concerns about surplus stocks in the world's largest energy consumers pared early gains. .EU U.S. crude fell 34 cents to $71.63 a barrel by 5:38 a.m. EDT after touching a six-week high of $72.42 earlier in the day. ICE Brent crude prices fell by 36 cents to $75.15 a barrel after earlier hitting a new 2009 high of $76. "Equities are taking the lead. Currently the market is driven by an optimistic view on the global economic recovery and when that mood turns around there is potential for a retreat in oil prices," said analyst Andy Sommer at Switzerland-based utility EGL adding, "There is still a big supply overhang." U.S. crude inventories rose by a much-higher-than-expected 1.7 million barrels in the week to July 31, according to data from the U.S. Energy Information Administration on Wednesday. The correlation between equity markets and oil prices is currently strong and such external factors are partly responsible for the rally which has lifted oil prices from lows of below $33 a barrel last December. Analysts said that key data coming out of the United States in the next two days is likely to serve as a guide for the oil market. U.S. jobless data are set to be released at 9:30 a.m. EDT and non-farm payroll figures will be published on Friday. BRENT STRENGTH The premium of ICE Brent prices to US crude strengthened on Thursday and was seen as high as $3.75 a barrel, helped by summer maintenance in the North Sea and high U.S. inventories at Cushing in Oklahoma. < Analysts said that gains in Brent were also due to a lower perceived regulatory risk on ICE following calls for greater scrutiny of commodities trading in the United States. "Maybe talk of tightening regulation from the Commodity Futures Trading Commission has helped widen the spread. But the main factors are fundamental," said Sommer. The CFTC, which oversees regulated futures exchanges, held its third and final hearing on Wednesday into whether it should limit how many futures contracts hedge funds, investment banks and other speculators can control to help limit big movements in energy prices. The U.K. Financial Services Authority and the U.K. Treasury also met with oil industry representatives to discuss market transparency and regulation, but issued no statement after the encounter. (Reporting by Sambit Mohanty, Editing by Peter Blackburn)

Source