API reported an increase of 10.485 million barrels of crude oil inventories for the previous week ending March 27 while the U.S. Energy Information Administration (EIA) reported a rise of 13.8 million barrels.
Oil prices sank on Tuesday as concerns over a global supply glut weighed on the market.
The West Texas Intermediate for May delivery decreased 2.45 U.S. dollars to settle at 23.63 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery dropped 1.18 dollars to close at 31.87 dollars a barrel on the London ICE Futures Exchange.
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