Crude oil futures ended down for the sixth straight session on Wednesday on NYMEX, hitting the lowest close in seven weeks, as the U. S. government data showed larger-than-expected increases in distillate and gasoline inventories last week.

U. S. natural gas futures ended lower for a seventh straight trading day on Wednesday, pressured by weaker cash gas and crude futures, continued mild weather in the Northeast of the U. S., a quiet tropical front and concerns over record high storage.

U. S. gasoline inventories added 1.9 million barrels to 213.1 million barrels in the week preceding the July 4 Independence Day holiday weekend, when summer travel traditionally peaks. This rise topped estimates of a 600,000 barrel build.

Commercial U. S. crude oil stockpiles fell 2.9 million barrels to 347.3 million, a little above analysts' forecast for a drop of 2.4

million barrels, as imports decreased 139,000 bpd to 9.22 million bpd, EIA said.

The International Monetary Fund said the global economy was starting to pull out recession, but recovery will be sluggish.

Distillates, which include diesel and heating oil, rose 3.7 million barrels in the July 3 week to 158.7 million barrels, the EIA reported. Analysts had called for a 2 million barrel build.

Crude oil prices have corrected sharply owing to the strength in dollar. The buildup in distillate stocks in spite of cut down in imports in the U. S. indicates weak fundamental. We expect crude oil to trade sideways for the day. We do not recommend aggressive selling in crude oil during the day as we can see some recovery after the sharp correction.