crude oil futures fell on Wednesday, pulling back ahead of the government's inventory report expected to show supplies rose again last week and after industry data released Tuesday showed crude supplies up sharply. "API data was pretty negative. The market is overbought and correcting, waiting for DOE's. Crude bounced a bit on the better durable goods report," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc. On Tuesday, the American Petroleum Institute's report showed crude stocks rose 4.6 million barrels to 354.5 million barrels last week. Gasoline stocks fell 805,000 barrels while distillate stocks dropped 1.6 million barrels. A Reuters analyst survey yielded forecasts for crude supplies to be up 1.2 million barrels, gasoline stocks to be down 600,000 barrels and distillate stocks to be up 200,000 barrels. [EIA/S] U.S. Energy Information Administration data is scheduled for release at 10:30 a.m. EDT (1430 GMT) Wednesday. "After posting another new high for the move under way since mid-February yesterday, crude oil has reversed. Even a durable goods report that rose for the first time in seven months failed to deter sellers," said Mike Fitzpatrick, vice president at MF Global in New York. Sources also noted gloomy data on Japan's crude oil imports and the country's exports of goods adding to the pressure on crude on Wednesday. PRICES * On the New York Mercantile Exchange at 10:01 EDT a.m. (1401 GMT), May crude CLK9 was down $1.35, or 2.5 percent, at $52.63 a barrel, trading from $51.86 to $53.86. * Tuesday's $54.20 high trade was a 2009 price peak and highest since $54.62 was struck Dec. 1, 2008. * In London, May Brent LCOK9 crude fell $1.47, or 2.75 percent, to $52.03 a barrel, trading from $51.52 to $53.04. * NYMEX April RBOB RBJ9 fell 2.90 cents, or 1.93 percent, to $1.4736 a gallon, trading from $1.4617 to $1.5026. * NYMEX April heating oil HOJ9 fell 4.37 cents, or 2.91, percent, to $1.4559 a gallon, trading from $1.4469 to $1.5005. * The May/May RBOB crack spread <0#RB-CL=R> was at $10.33 a barrel. It ended at $9.13 on Tuesday. The May/May heating oil crack spread <0#CL-HO=R> was at $9.36. It ended Tuesday at $9. * The spread between the current front month and the five-year forward crude contract CLc61 was at $24.68, based on the May 2014 contract's Tuesday settlement at $77.31. The spread ended at $23.33 on Tuesday. TECHNICALS NYMEX crude 10-day/20-day moving average: $50.10/$47.12 Technical support/resistance: NYMEX crude: $50.00/$54.80 NYMEX heating oil: $1.4175/$1.5680 NYMEX RBOB: $1.4225/1.5755 For a report on technicals click [ID:nLP303559] MARKET NEWS * Japan's customs-cleared crude oil imports fell 13.9 percent in February from year ago. [ID:nTKG004278] * Japan's exports posted another record drop in February. A record fall in imports helped Japan's trade balance swing into surplus for the first time in five months. [ID:nT316314] * New U.S. orders for long-lasting manufactured goods unexpectedly rebounded in February, rising for the first time in seven months. [ID:nLP967702] * U.S. stock index futures moved up at the open, helped by the durable goods report. [.N] * The dollar fell against major currencies despite a jump in durable goods orders. [USD/] (Reporting by Robert Gibbons; editing by Jim Marshall)

Source