LONDON, March 20: Oil fell on Tuesday as lingering concerns over the health of the global economy overcame expectations for a drawdown in US gasoline stocks.

US crude for May delivery, the most actively traded contract, gave up 29 cents to $59.41 with the expiring April contract down 24 cents to $56.35.London Brent traded down 25 cents to $60.27.

Oil prices have come under pressure from fears of a slowdown in the world economy sparked by troubles in the US housing sector and China's move to raise interest rates in an attempt to cool growth.

“Concerns over global growth have proved the key price-setting influence of recent, undermining prices despite evidence of a tightening market,” Barclays Capital said in a research note.

Prices have recovered from a six-week low of $56.17 a barrel for US crude hit on Friday, and analysts said some support had come from declining gasoline supplies in top consumer the United States.“This is a gasoline-led market right now and people are waiting to see what the inventories are going to be tomorrow,” said Chip Hodge of John Hancock Financial Services.

Weekly US government oil inventory data will be released on Wednesday. US gasoline was trading at $1.9530, just off a seven-month high of $1.9740 hit on Monday.—Reuters