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U.S. crude oil inventories decrease sharply last week: AP

2018-09-12 09:19

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The American Petroleum Institute (API) on Tuesday reported a huge draw of 8.636 million barrels in the U.S. crude oil inventories for the week ending Sept. 7.

The institute reported a slight draw of 1.2 million barrels in the oil inventories for the previous week.

Oil prices rose on Tuesday as the U.S. Energy Information Administration (EIA) lifted oil-price forecasts and lowered U.S. crude output expectations.

The West Texas Intermediate (WTI) for October delivery jumped 1.71 U.S. dollars to settle at 69.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 1.69 dollars to 79.06 dollars a barrel on the London ICE Futures Exchange.
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