LONDON (Bloomberg) -- Oil traded little changed before a report on Wednesday forecast to show inventories in the U.S., the world’s largest energy consumer, rose from their highest level since 1990 as the recession reduced demand.

Crude oil stockpiles probably rose by 2.5 million barrels in the week ended April 17 from 366.7 million the previous week, the highest since September 1990, according to a Bloomberg survey before Wednesday’s Energy Department report. The U.S. dollar strengthened the most in a month against the euro, limiting demand for commodities as a hedge against inflation.
“Crude stock levels are still historically very high,” said Christopher Bellew, senior broker at Bache Commodities Ltd. in London. “It would take something quite bullish in the inventory data to take us back over $50, and I don’t see that happening.”
Crude oil for June delivery traded at $48.67 a barrel, up 12 cents, or 0.3 percent, in electronic trading on the New York Mercantile Exchange at 10:05 a.m. London time.
Japan’s crude oil imports fell in March for a fifth month, declining 18.4 percent from a year earlier to about 3.68 million barrels a day, a finance ministry preliminary trade report released in Tokyo showed. South Korea used 66.6 million barrels of oil products last month, down from 68.3 million barrels a year earlier, according to data from Korea National Oil Corp.
On Tuesday, the industry-funded American Petroleum Institute reported that inventories declined 1.01 million barrels to 370.2 million last week, the first drop since March 6.
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The Energy Department will probably show that gasoline stockpiles dropped 700,000 barrels from 216.5 million the prior week, according to the Bloomberg survey. Supplies of distillate fuel, a category that includes heating oil and diesel, probably fell by 1 million barrels from 139.6 million barrels.
Oil-supply totals from the API and DOE moved in the same direction 76 percent of the time over the past four years, according to data compiled by Bloomberg.
API collects information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The Energy Department requires reports to be filed for its weekly supply survey.
Brent crude oil for June settlement gained as much as 50 cents, or 1 percent, to $50.32 a barrel on London’s ICE Futures Europe Exchange. It was at $49.95 a barrel at 10:05 a.m. London time.
The dollar was at $1.2917 against the euro, up from $1.2965 in New York On Tuesday. It earlier touched $1.2886, the strongest since March 16.