The American Petroleum Institute (API) on Tuesday reported a build of 4.45 million barrels in the U.S. crude oil inventories for the week ending Oct. 18.
API reported a sharp increase of 10.5 million barrels of crude oil inventories for the previous week ending Oct. 11, and the U.S. Energy Information Administration (EIA) reported an increase of 9.3 million barrels.
Oil prices gained on Tuesday, underpinned by the news that the world's major oil producers will consider deeper production cuts amid demand concerns.
The West Texas Intermediate for November delivery climbed 0.85 U.S. dollar to settle at 54.16 dollars a barrel on the New York Mercantile Exchange, and Brent crude for December delivery rose 0.74 dollar to close at 59.70 dollars a barrel on the London ICE Futures Exchange.
Editor:Iris
