NEW YORK, April 1 (Xinhua) -- Crude prices closed lower Wednesday as U.S. crude inventories grow to a 15-year high.

    The Energy Department reported Wednesday that crude inventories grew by 2.8 million barrels, or 0.8 percent, to 359.4 million barrels for the week ended March 27. Oil stockpiles have not been this high since July 1993, according to the data.

    Meanwhile, the Institute for Supply Management said Wednesday the U.S. manufacturing activity contracted for the 14th straight month in March, but at a slower pace than anticipated.

    Light, sweet crude for May delivery fell 1.27 U.S. dollars to settle at 48.39 dollars a barrel on the New York Mercantile Exchange.

    In London, Brent prices fell 79 cents to settle at 48.44 dollars a barrel on the ICE Futures exchange.