Crude settled up 30 cents at $48.85 on Wednesday, as early gains on U. S. stocks helped offset government data showing a larger-thanexpected 3.9 million-barrel build in U. S. crude stocks to a 19-year high last week.

Natural Gas continued to remain under pressure with moderate temperature and falling crude oil prices.

Defying forecasts for draws, gasoline stocks rose 800,000 barrels and distillates, which include heating oil and diesel, jumped 2.7 million barrels. Oil stored at sea by companies has risen to 100 million barrels, the highest level in recent times, according to Frontline one of the world's biggest independent oil tanker owners.

International Monetary Fund on Wednesday predicted the global economy will shrink by 1.3 percent this year in the deepest recession since World War Two. In January, the organization had forecast global growth of 0.5 percent this year. Logging their seventh weekly gain in a row, commercial inventories of crude in the United States rose 3.9 million barrels to 370.6 million barrels in the week ended April 17. Analysts polled by Reuters had forecast a build of
2.6 million barrels.

U. S. natural gas storage levels are expected to rise 43 billion cubic feet when weekly data from the U. S. Energy Information Administration are released early Thursday, according to a Reuters poll. In the weekly survey of 23 industry traders and analysts, injection estimates for the week ended April 17 ranged narrowly from 29 bcf to 49 bcf.

Crude oil futures are seen trading in very thin range and we might see it edging doing and test $45 per barrel and trend is sideways to down for the day.

Crude: Crude prices moved lower even yesterday but failed to break the earlier low, thus crude prices for the day can remain range bound between 2420-2480.

Prices can move positive only above the resistance level at 2488 level. Till selling can prevail in crude.