In the previous week ending June 21, API reported a decrease of 7.550 million barrels of crude oil inventories, while the U.S. Energy Information Administration (EIA) reported a sharp decline of 12.8 barrels for the same period.
Oil prices plunged on Tuesday as weak manufacturing data prompted investors' concerns over weak crude oil demand.
The West Texas Intermediate for August delivery decreased 2.84 U.S. dollars to settle at 56.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery erased 2.66 dollars to close at 62.40 dollars a barrel on the London ICE Futures Exchange.
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