The American Petroleum Institute (API) on Tuesday reported an increase of 2.96 million barrels in the U.S. crude oil inventories for the week ending March 29.
In the previous week ending March 22, API reported an increase of 1.93 million barrels of crude oil inventories, while the U.S. Energy Information Administration (EIA) reported a build of 2.8 million barrels of crude oil inventories for the week.
EIA will release its data on crude oil inventories on Wednesday, and the market expected it to reduce by 430,000 barrels.
The West Texas Intermediate for May delivery rose 0.99 dollar to settle at 62.58 U.S. dollars a barrel on the New York Mercantile Exchange, and Brent crude for June delivery increased 0.36 dollar to close at 69.37 dollars a barrel on the London ICE Futures Exchange.
Editor:Cherie
