The American Petroleum Institute (API) on Tuesday reported a large increase of 13.143 million barrels of crude oil in the U.S. crude oil inventories for the week ending April 10.
API reported an increase of 11.938 million barrels of crude oil inventories for the previous week ending April 3 while the U.S. Energy Information Administration (EIA) reported a rise of 15.2 million barrels.
Oil prices fell significantly on Tuesday as fears of weaker demand gripped the market.
The West Texas Intermediate for May delivery shed 2.30 U.S. dollars to settle at 20.11 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 2.14 dollars to close at 29.60 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
