U.S. crude oil inventories increase sharply last week: API
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E-mail Xinhua, October 17, 2019
HOUSTON, Oct. 16 (Xinhua) -- The American Petroleum Institute (API) on Wednesday reported a build of 10.5 million barrels in the U.S. crude oil inventories for the week ending Oct. 11.
API reported an increase of 4.1 million barrels of crude oil inventories for the previous week ending Oct. 4, and the U.S. Energy Information Administration (EIA) reported an increase of 2.9 million barrels.
Oil prices rose on Wednesday as investors' sentiment was lifted by signs that major oil exporters may continue to cut supply to stabilize oil prices.
The West Texas Intermediate (WTI) for November delivery increased 0.55 U.S. dollar to settle at 53.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 0.68 dollar to close at 59.42 dollars a barrel on the London ICE Futures Exchange. Enditem
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