U.S. crude oil futures fell on Wednesday, weighed by fading hopes for a rapid economic recovery as global equities markets weakened and ahead of government oil inventory data expected to show crude oil supplies rose last week. "Prices have come under pressure as expectations for a gain in crude oil stocks increases, no doubt presaged by the almost 7 million barrel jump contained in last night's API report. Japanese stocks have also grown as the consequences of faltering demand hit their markets," Mike Fitzpatrick, vice president at MF Global in New York, said in a report. The American Petroleum Institute on Tuesday reported that for the week to April 3, crude stocks rose 6.9 million barrels to 364.7 million barrels, gasoline stocks gained 2.9 million barrels to 218.5 million barrels and distillate stocks fell 2.3 million barrels to 142.2 million barrels. [API/S] The U.S. Energy Information Administration's inventory report is set to arrive at 10:30 a.m. EDT (1430 GMT). An Reuters poll on Tuesday yielded a forecast for crude supplies to have risen 1.9 million barrels last week. Forecasts also called for a 1.0 million barrel draw in gasoline stocks and a 200,000 barrels drop in distillates. [EIA/S] Crude futures were well above earlier lows after U.S. stock markets rose at the open following news that the government would extend aid to life insurers and Pulte Homes' (PHM.N) announcement that it would buy rival home builder Centex (CTX.N) in a $1.3 billion stock deal. [.N] PRICES * On the New York Mercantile Exchange at 9:47 a.m. (1347 GMT), May crude CLK9 was down 68 cents, or 1.38 percent, at $48.47 a barrel, trading from $47.37 to $48.62. * In London, May Brent LCOK9 crude was up only 6 cents, 0.12 percent to $51.28 a barrel, trading from $49.80 to $51.44. * NYMEX May RBOB RBK9 fell 2.24 cents, or 1.53 percent, to $1.4380 a gallon, trading from $1.4175 to $1.4442. * NYMEX May heating oil HOK9 was down only 0.12 cent, or 0.09, percent, at $1.3891 a gallon, trading from $1.3608 to $1.3896. * The May/May RBOB crack spread <0#RB-CL=R> was at $11.86 a barrel. It ended at $12.19 on Tuesday. The May/May heating oil crack spread <0#CL-HO=R> was at $9.78. It ended Tuesday at $9.24. * The spread between the current front month and the five-year forward crude contract CLc61 was at $27.73, based on the May 2014 contract's Tuesday settlement at $76.20. The spread ended at $27.05 on Tuesday. TECHNICALS NYMEX crude 10-day/20-day moving average: $50.61/$50.36 Technical support/resistance: NYMEX crude: $47.26/$50.00 NYMEX heating oil: $1.34/$1.44 NYMEX RBOB: $1.4205/1.50 For a report on technicals click [ID:nL8511394] MARKET NEWS * World stocks slipped for a third straight session and government bonds and the low-yielding yen gained as poor earnings from U.S. aluminum group Alcoa (AA.N) sparked concerns about other corporations. [MKTS/GLOB] * The euro fell against the dollar and the yen on Wednesday as jitters ahead of the U.S. corporate earnings season pushed shares lower and dented demand for currencies perceived to be higher risk. [USD/] * Japan's crude inventories rose last week for a second straight week, hitting their highest level in a month, industry data showed. [ID:nT261347]

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