The American Petroleum Institute (API) on Tuesday reported an increase of 2 million barrels of crude oil in inventories for the week ending July 3.
API reported a decrease of 8.156 million barrels of crude oil inventories for the previous week ending June 26 while the U.S. Energy Information Administration (EIA) reported a drop of 7.2 million barrels.
Oil prices fell modestly on Tuesday as soaring COVID-19 cases continued to stoke fears over weaker demand for the crude.
The West Texas Intermediate for August delivery slid 1 cent to settle at 40.62 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 2 cents to close at 43.08 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
