Crude prices fell on Tuesday after a four-day rally as bulging oil inventories outweighed fragile hopes for an economic recovery, Xinhua reported.
The U.S. government is expected to report crude storage levels on Wednesday, which have reached a new 19-year high. The oil stockpiles could rise by 2.2 million barrels, according to the poll.
The U.S. dollar, which rebounded from a one-month low against the euro, also dragged down the crude prices.
Light, sweet crude for June delivery was down 63 cents to 53.84 dollars a barrel on the New York Mercantile Exchange, after hitting a record high for the year of 54.83 dollars a barrel.
In London, Brent prices fell 46 cents to settle at 54.12 dollars a barrel on the ICE Futures exchange.
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