NEW YORK (Dow Jones)--Crude oil futures prices were lower for a fifth day early Tuesday, weighed down by concerns over high inventories and sluggish demand. Light, sweet crude oil for May delivery was down 80 cents at $83.54 a barrel around 9:10 a.m. EDT, after an early low of $83.41 a barrel, the weakest intraday price since April 1. Traders said the market, recently tracking equities higher, is now wobbling on its own shaky fundamentals. While the Dow Jones Industrial Average closed Monday above 11000 for the first time since September 2008, crude continued its losing streak. "The weak demand and oversupply is finally catching up to this market," said Tom Bentz, broker and analyst at BNP Paribas in New York. A widely watched global oil forecast and expectations of inventory trends in the U.S., the world's biggest oil market, are helping to keep crude oil prices under pressure. The International Energy Agency, which tracks oil market developments for the major industrialized nations, like the U.S., warned Tuesday that recent crude oil prices near $87 a barrel, the highest since October 2008, risk stalling economic recovery. The IEA made modest adjustments in its global oil demand outlook and expects a 1.7 million barrel rise this year after a 1.3 million barrels a day decline in 2009. Oil inventories in the major industrialized nations remain high, and are sufficient to meet 60 days of forward demand, up from 59.5 days at the end of January, but down 0.9 days from a year earlier. The market will be watching for U.S. weekly oil data for direction. Analysts surveyed by Dow Jones Newswires expect data to show crude oil stocks rose 1.4 million barrels in the week ended April 9, in what would be the 11th straight rise. Gasoline stocks, near 17-year highs, are expected to slip 800,000 barrels, while distillate stocks (diesel and heating oil) are expected to rise 600,000 barrels. Refiners are expected to keep operations relative to capacity unchanged from the 84.5% level of a week earlier. The American Petroleum Institute, an industry trade group, is scheduled to release its statistics at 4:30 p.m. EDT Tuesday, while the federal Energy Information Administration data for the same period is set to appear at 10:30 a.m. EDT Wednesday. May-delivery gasoline blendstocks futures were 0.51 cent higher at $2.3009 a gallon, while May heating oil was 0.66 cent higher at $2.2255 a gallon.

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