The American Petroleum Institute (API) on Tuesday reported a buildup of 9.88 million barrels in the U.S. crude oil inventories for the week ending Oct. 19.
The institute reported a drawdown of 2.10 million barrels in the oil inventories for the previous week.
U.S. oil prices further dived 4.22 percent Tuesday as Saudi Arabia vowed to enhance oil production and U.S. stock markets sank on disappointing earnings reports.
The West Texas Intermediate (WTI) for December delivery lost 2.93 U.S. dollars to settle at 66.43 dollars a barrel on the New York Mercantile Exchange, while Brent oil price for December delivery sank 3.39 dollars to 76.44 dollars per barrel on the London ICE Futures Exchange.
Editor:Cherie
