Oil prices fell Wednesday as more signs of a weak global economy sparked concerns about energy consumption and U.S. crude supplies continued to rise. Light sweet crude for May delivery fell $2 to below $48 a barrel on the New York Mercantile Exchange in early afternoon trading. U.S. and global economic data released Wednesday was pessimistic. The U.S. manufacturing sector shrank for the 14th consecutive month in March, a private group reported, and the government said construction spending declined. Data from China and Japan also suggest their economies—the two biggest in Asia—have yet to see any benefit from the massive fiscal stimulus packages announced by their governments. Meanwhile, the U.S. Energy Department reported that crude inventories continued to rise last week and gasoline supplies jumped unexpectedly. Crude stockpiles rose by 2.8 million barrels, or 0.8 percent, last week, the department's Energy Information Administration (EIA) said in its weekly petroleum report. Crude inventories are 15.5 percent above year-ago levels.
