The API reported an increase of 6.407 million barrels of crude oil inventories for the previous week ending March 6 and the U.S. Energy Information Administration reported a rise of 7.7 million barrels.
Oil prices extended losses on Tuesday as fears that the spread of COVID-19 would further dent global demand for crude continued to weigh on the market.
The West Texas Intermediate for April delivery decreased 1.75 U.S. dollars, or 6.1 percent, to settle at 26.95 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery was down 1.32 dollars, or 4.39 percent, to close at 28.73 dollars a barrel on the London ICE Futures Exchange.
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