Crude-oil futures were on track to log their seventh session of losses in a row on Wednesday after a U.S. government report revealed a 10th straight weekly increase in crude supplies. April crude slumped $1.17, or 2.7%, to $42.29 a barrel on the New York Mercantile Exchange, extending a 1% loss from Tuesday. Prices were trading around $42.50 before the government report. Prices, which already stand at their lowest level since March 2009, were poised to mark a seventh straight session of losses, which would be the longest losing streak since July. The losses for Nymex prices widened the price spread with Brent. Brent crude for May delivery  on London’s ICE Futures exchange was down 16 cents, or 0.3%, to $53.35 a barrel, after falling 0.8% on Tuesday.

The U.S. Energy Information Administration said crude inventories climbed by 9.6 million barrels for the week ended March 13. Analysts polled by Platts forecast a crude-stock climb of 3.7 million barrels, while the American Petroleum Institute late Tuesday reported a 10.5 million-barrel jump. EIA data showed supplies at Cushing, Okla., the storage and trading hub for Nymex crude, climbed about 2.9 million barrels last week. “While we are not quite at crisis storage levels, a new record high of 458.5 million barrels of U.S [crude in] storage were reached — and Cushing’s storage rose to about 70% of its capacity,” said John Macaluso, research analyst at Tyche Capital Advisors. “Along with the continued supply glut, recent increases in production out of Libya and talks of an Iranian nuclear deal are all short-medium term bearish factors,” he said.

Gasoline supplies were down 4.5 million barrels, while distillate stockpiles rose 400,000 barrels, according to the EIA. The Platts poll of analysts forecasted a decline of 1.5 million barrel for gasoline supplies and a fall of 1.1 million barrels for distillates, which include heating oil. Oil prices have been falling since mid-2014, but the decline stalled in February, raising expectations that prices had bottomed out. But Nymex oil has lost roughly 15% month to date due to surging U.S. production.

Meanwhile, the tight-ranged U.S dollar market appears to be waiting for the Federal Reserve’s monetary policy announcement, said Macaluso. The announcement is due shortly before trading of dollar-denominated oil closes on Nymex.