Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
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Nippon Oil Corp declared that it was likely to refine around 6 percent less crude oil in May than it did a year earlier, marking a seventh straight month of declines, reflecting slow domestic demand amid the recession. For full story, click here