The American Petroleum Institute (API) on Wednesday reported an increase of 4.2 million barrels of crude oil in the U.S. crude oil inventories for the week ending Feb. 14.
The API reported a large increase of 6 million barrels of crude oil inventories for the previous week ending Feb. 7, while the U.S. Energy Information Administration (EIA) reported a rise of 7.5 million barrels.
Oil prices settled higher on Wednesday as investors' concerns about oversupply eased.
The West Texas Intermediate for March delivery increased 1.24 U.S. dollars to settle at 53.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery rose 1.37 dollars to close at 59.12 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
