Oil prices fell today as the market awaited the latest weekly snapshot of energy inventories in the United States, the world's biggest consumer.
New York's main futures contract, light sweet crude for delivery in April, dropped 73 cents to $48.43 a barrel.
It had hit $49.82 yesterday, its highest level since January 6, boosted by rallying stock markets according to traders.
Today in London, Brent North Sea crude for May delivery fell 65 cents to $47.59. The April contract had expired on Monday at $43.98.
"Things will get much more interesting (for prices) after the release of the weekly report on US fuel inventories," said VTB Capital analyst Andrey Kryuchenkov.
"Crude stockpiles are expected to rise on improved imports," he said, adding that focus would also be on gasoline (petrol) numbers "ahead of the summer driving season in the US, when demand traditionally peaks."
Traders added today that the prospect of Organisation of Petroleum Exporting Countries (OPEC) slashing production during its next meeting in May should support prices in coming weeks.
The OPEC, which pumps about 40 per cent of the world's crude, opted at its last meeting on Sunday in Vienna to leave production quotas unchanged.
