API reported an increase of 1.026 million barrels of crude oil inventories for the previous week ending Feb. 19, while the U.S. Energy Information Administration (EIA) reported a rise of 1.3 million barrels.
Oil prices moved lower on Tuesday as market participants awaited a key meeting from major producers. The West Texas Intermediate for April delivery lost 89 cents to settle at 59.75 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased 99 cents to close at 62.70 dollars a barrel on the London ICE Futures Exchange.
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