MELBOURNE, March 11 ­— Oil held below US$49 (RM 181.97) a barrel before US government data forecast to show crude stockpiles expanded to a record in the world’s biggest consumer.

Crude inventories probably gained by 4.75 million barrels through March 6, according to a Bloomberg News survey before a report today from the Energy Information Administration. Supplies have gained the prior eight weeks to 444.4 million barrels, the highest level in EIA records dating back to August 1982. Futures rose as much as 1.1 per cent in New York, trimming a 3.4 per cent decline yesterday.

Rising US stockpiles contributed to a global glut that drove prices almost 50 per cent lower in 2014. Shale output is projected to post the slowest growth in more than four years in April, the EIA said Monday. That follows a 41 per cent plunge since December in the number of drilling rigs seeking oil.

West Texas Intermediate for April delivery gained as much as 51 cents to US$48.80 a barrel in electronic trading on the New York Mercantile Exchange and was at US$48.70 at 9:11 am Sydney time. The contract slid US$1.71 to US$48.29 yesterday. The volume of all futures traded was at the 100-day average.

Brent for April settlement fell US$2.14, or 3.7 per cent, to US$56.39 a barrel on the London-based ICE Futures Europe exchange yesterday, the lowest settlement in almost a month. The European benchmark crude ended the session at a premium of US$8.10 to WTI. — Bloomberg