US crude oil inventories up last week: API

0 Comment(s)Print E-mail Xinhua, April 8, 2020
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The American Petroleum Institute (API) on Tuesday reported a large increase of 11.938 million barrels of crude oil in the U.S. crude oil inventories for the week ending April 3.

API reported an increase of 10.485 million barrels of crude oil inventories for the previous week ending March 27 while the U.S. Energy Information Administration (EIA) reported a rise of 13.8 million barrels.

Oil prices sank on Tuesday as concerns over a global supply glut weighed on the market.

The West Texas Intermediate for May delivery decreased 2.45 U.S. dollars to settle at 23.63 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery dropped 1.18 dollars to close at 31.87 dollars a barrel on the London ICE Futures Exchange. 

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