API reported a decrease of 4.261 million barrels of crude oil inventories for the previous week ending Jan. 29, while the U.S. Energy Information Administration (EIA) reported a fall of 1.0 million barrels.
Oil prices moved higher on Tuesday as the market continued to heat up. The West Texas Intermediate for March delivery added 39 cents to settle at 58.36 U.S. dollars a barrel on the New York Mercantile Exchange, notching a seventh consecutive session of gains.
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