Oil Falls from 6-Month High to $57 a Barrel

Oil prices fell from a six-month high in early trading Monday to about $57 a barrel after rising more than $5 last week, Bloomberg reported.

Oil closed Friday at a six-month high of $58.63 a barrel, up $5.43, or about 10%, from $53.20 the previous Friday on the New York Mercantile Exchange, Bloomberg said.

Monday’s pre-market dip to $57.04 was due in part to traders’ concerns over rising oil stockpiles, as U.S. inventories rose to 375.3 million barrels in the last week of April, the highest since 1990, Bloomberg reported.

The Energy Department will release its weekly diesel and gasoline price surveys Monday afternoon in Washington.