U.S. crude oil inventories up last week: API

0 Comment(s)Print E-mail Xinhua, February 12, 2020
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HOUSTON, Feb. 11 (Xinhua) -- The American Petroleum Institute (API) on Tuesday reported a large increase of 6 million barrels of crude oil in the U.S. crude oil inventories for the week ending Feb. 7.

The API reported an increase of 4.18 million barrels of crude oil inventories for the previous week ending Jan. 31, and the U.S. Energy Information Administration (EIA) reported a rise of 3.4 million barrels.

Oil prices rose on Tuesday, as the number of newly confirmed novel coronavirus cases in China started to drop, easing concerns about the epidemic's impact on global economic growth and crude demand.

The West Texas Intermediate for March delivery settled 0.37 U.S. dollar higher at 49.94 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery rose 0.74 dollar to close at 54.01 dollars a barrel on the London ICE Futures Exchange. Enditem

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