Crude oil falls after big jumps

CRUDE oil in New York fell after reaching a 13-year high on concern that US gasoline inventories are too low to meet demand during the warm-weather months.

“We rose too far too fast yesterday,” said Carl Larry, vice president of global energy sales for ABN Amro Inc in New York.

Prices rose above $38 a barrel for the first time since the 1990-91 Persian Gulf War after the Energy Department said gasoline supplies fell 800,000 barrels to 199.6 million last week.