Oil Falls From 31-Month High After U.S. Reports Slower Growth

Oil traded lower in New York after the U.S. said economic growth in the first quarter rose 1.8 percent, slower than economists had forecast.

Crude futures earlier climbed to a new 31-month high after Fed Chairman Ben S. Bernanke said yesterday that it will keep record low interest rates in place and stop buying bonds in June. The gains were trimmed after the U.S. said its economy grew at a slower pace than the last quarter of 2010.