The American Petroleum Institute (API) on Tuesday reported an increase of 6.407 million barrels of crude oil in the U.S. crude oil inventories for the week ending March 6.
The API reported an increase of 1.690 million barrels of crude oil inventories for the previous week ending Feb. 28 and the U.S. Energy Information Administration reported a rise of 800,000 barrels.
Oil prices climbed on Tuesday, recovering a modest portion of their steep losses from the previous session.
The West Texas Intermediate for April delivery increased 3.23 U.S. dollars, or 10.38 percent, to settle at 34.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery was up 2.86 dollars, or 8.32 percent, to close at 37.22 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
