In the previous week ending July 12, API reported a decrease of 1.401 million barrels of crude oil inventories, while the U.S. Energy Information Administration (EIA) reported a decline of 3.1 million barrels for the same period.
Oil prices continued to rise on Tuesday, as the market closely observed the latest development of U.S.-Iran frictions, raising concerns over global oil supply.
The prices also reflected the huge decrease of U.S. stockpile.
The West Texas Intermediate for September delivery rose 0.55 dollar to settle at 56.77 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 0.57 dollar to close at 63.83 dollars a barrel on the London ICE Futures Exchange.
Latest comments