Oil prices fell this evening as traders took profits from a rally that sent crude to a seven-month high yesterday.
US crude fell 45 cents to $68.13 a barrel after optimism about an economic recovery sent prices to the highest level since early November on Monday. London Brent crude fell 26 cents to $67.71.
Oil has moved up steeply from lows below $33 in December. Prices rose 30% in May in a broad-based rally in stock markets and commodities markets on expectations that the worst might be over for the global economy.
Traders will shift their focus to weekly US oil data for the latest indications on demand, with figures from the American Petroleum Institute due later tonight and the US government on Wednesday. Analysts are expecting a decline in crude stocks for the week to May 29, while petrol and distillate inventories are expected to rise.
The 2009 Atlantic hurricane season officially started on Monday and runs to the end of November.
