The American Petroleum Institute (API) on Tuesday reported an increase of 1.3 million barrels of crude oil in the U.S. crude oil inventories for the week ending Feb. 21.
API reported an increase of 4.2 million barrels of crude oil inventories for the previous week ending Feb. 14 and the U.S. Energy Information Administration reported a rise of 400,000 barrels.
Oil prices extended losses on Tuesday, as concerns over weaker crude demand haunted the market.
The West Texas Intermediate for April delivery settled 1.53 U.S. dollars lower at 49.90 dollars a barrel on the New York Mercantile Exchange, notching its lowest finish in two weeks. Brent crude for April delivery shed 1.35 dollars to close at 54.95 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
