Industry News

U.S. crude oil inventories increase last week

The American Petroleum Institute (API) on Tuesday reported a build of 0.592 million barrels in the U.S. crude oil inventories for the week ending Sept. 13.
API reported a decrease of 7.2 million barrels of crude oil inventories for the previous week ending Sept. 6, and the U.S. Energy Information Administration (EIA) reported a decrease of 6.9 million barrels.
Oil prices declined on Tuesday after news reports suggested Saudi Arabia will restore its output soon.
The West Texas Intermediate for October delivery decreased 3.56 U.S. dollars to settle at 59.34 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery decreased 4.47 dollars to close at 64.55 dollars a barrel on the London ICE Futures Exchange.

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