* API: crude inventories up a lot, products down * Investors await Fed statement on rates, 2:15 p.m EDT * Coming up: EIA inventory data at 10:30 a.m. EDT NEW YORK, April 28 (Reuters) - U.S. crude futures were modestly higher on Wednesday, recovering from earlier lows, as the market weighed guidance from Wall Street, which was called to open higher, and forecasts that government inventory data will show another build in domestic crude stocks. Energy traders were also watching the currency markets, with the euro rising against the dollar and the yen on optimism that Greece will soon receive assistance to help it service its debts. [USD/] The dollar was flat against a basket of currencies .DXY. "Focus is shifting to the U.S. stock market, which is called to open higher after yesterday's sell-off," said Phil Flynn, analyst at PFGBest Research in Chicago. "People are also watching the Federal Reserve and signs point to a continuation of its zero funds rate policy, which has been the engine for the easy money that has propped up the energy bulls for a long time," he added. U.S. Federal Reserve policymakers were expected to hold interest rates near zero and repeat their vow of very low rates for an extended period as they conclude a two-day policy meeting. The statement is expected at 2:15 p.m. EDT (1815 GMT). For details, see [ID:nN2298630] NYMEX crude futures fell 2 percent on Wednesday in a selloff triggered by downgrades in credit ratings of Greece and Portugal, which sent investors fleeing most commodities and equities in favor of the safer dollar. The American Petroleum Institute said late on Tuesday domestic crude stocks last week rose 5.3 million barrels, distillates fell 1.4 million barrels and gasoline inventories dropped 658,000 barrels. A Reuters analysts' poll on Tuesday forecast that crude stocks rose 1.0 million barrels, distillates gained 1.4 million barrels and gasoline stocks added 800,000 barrels. The U.S. Energy Information Administration will release its weekly report at 10:30 a.m. EDT (1430 GMT). The premium of NYMEX July crude CLNO over the front-month June crude CLMO was at around $2.40, after ending at $2.56 on Tuesday. See CL-1=R. The premium of June Brent crude LCOMO over June NYMEX crude CLMO was $2.97, after ending at $3.34 on Tuesday, during which it rose as much as $3.57, the highest since Aug. 14, 2009. See [CL-LCO1=R] Growing storage at the delivery hub for NYMEX-traded crude in Cushing, Oklahoma, has weakened WTI crude, analysts said. TECHNICALS NYMEX crude 10-day/20-day moving average: $85.86/$85.27 Technical support/resistance: NYMEX crude: $81.00/$85.63 NYMEX heating oil: $2.2000/$2.2500 NYMEX RBOB: $2.3000/$2.3695 For a full report on technicals, click on [ID:nLDE63R1NE] PRICES * On the New York Mercantile Exchange at 9:08 a.m. EDT (1308 GMT), June crude CLM0 was up 42 cents, or 0.51 percent, at $82.86 a barrel, trading from $81.29 to $82.94. * In London on the Intercontinental Exchange, June Brent crude LCOM0 was up 17 cents, or 0.2 percent, at $85.61 a barrel, trading from $84.88 to $85.80. * NYMEX May RBOB RBK0 was up 0.30 cent, or 0.13 percent, at $2.3298 a gallon, trading from $2.3029 to $2.3345. * NYMEX May heating oil HOK0 was down 0.26 cent, or 0.12percent, at $2.2277 a gallon, trading $2.2073 to $2.2371. * The June/June heating oil crack spread <0#CL-HO=R> was at $11.83, after ending at $12.27 on Tuesday, during which it hit a high of $12.67, widest since May 7, 2009. * The June/June RBOB crack spread <0#RB-CL=R> was at $15.10, after ending at $15.35 on Tuesday, below its session high of $15.64, highest since Aug. 12, 2009. * The spread between the current front month and the five-year forward crude contract CLc61 was at $11.08, after ending at $11.50 on Tuesday. The June 2015 contract settled at $93.94 on Tuesday, down 77 cents, or 0.81 percent. MARKET NEWS * Exxon Mobil Corp (XOM.N) reported emissions late Tuesday at its 562,500 barrel-per-day refinery in Baytown, Texas, according to a regulatory filing. [ID:nWEN3750] * LUKOIL (LKOH.MM), Russia's largest non-state oil producer, launched a new deposit in the Caspian Sea on Wednesday and urged the government to consider easing laws on offshore investment. [ID:nLDE63R1FW] (Reporting by Gene Ramos; Editing by Walter Bagley)

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