The American Petroleum Institute (API) on Tuesday reported an increase of 3.9 million barrels of crude oil in the U.S. crude oil inventories for the week ending June 12.
The API reported an increase of 8.4 million barrels of crude oil inventories for the previous week ending June 5, while the U.S. Energy Information Administration reported a rise of 5.7 million barrels.
Oil prices rose considerably on Tuesday as market sentiment was lifted after the International Energy Agency revised up its forecast for crude demand.
The West Texas Intermediate for July delivery gained 1.26 U.S. dollars to settle at 38.38 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery rose 1.24 dollars to close at 40.96 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
