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Oil Prices Fall as US Crude Supplies Hit 15- Year High

Oil prices fell sharply Wednesday after a U.S. government report showed a rise in U.S. crude supplies to a 15-year high.

The price of crude for May delivery fell as much as four percent ($2.31) from Tuesday's close to a two-week low of $47.35 a barrel on the New York Mercantile Exchange.

The U.S. government said crude supplies rose 2.8 million barrels in the week ending March 27 to a total of 359.4 million barrels, the highest since July 1993.

The increase in U.S. crude supplies was slightly below analysts' expectations of a three-million-barrel rise over the period.

Some information for this report was provided by AP and Reuters.