Investors are also selling oil as the dollar gained, reducing commodities' appeal as a hedge against inflation. U.S. crude-oil supplies probably gained last week as imports rebounded and refiners performed seasonal maintenance, according to a survey.
Crude oil for May delivery fell as much as $1.20, or 1.2 percent, to $99.66 a barrel in after-hours trading on the New York Mercantile Exchange. It traded at $99.93 a barrel at 9:29 a.m. Singapore time. Oil is up 59 percent from a year ago.
Yesterday, Nymex crude futures dropped 98 cents, or 1 percent, to settle at $100.86 a barrel, the lowest close for a front-month contract since March 4. Prices have fallen 11 percent from a record $111.80 a barrel reached on March 17.
Oil refiners schedule repairs and upgrades this time of the year as heating-fuel use slows and before warmer weather spurs an increase in gasoline use.
Crude futures have fallen 8.7 percent in the past four days, the biggest decline in more than three months.
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