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U.S. reports surprise buildup of oil inventories

The American Petroleum Institute (API) on Tuesday reported a buildup of 0.83 million barrels in the U.S. crude oil inventories for the week ending June 8, as compared with its forecast draw of 2.70 million barrels for the week.

The surprise buildup of oil inventories usually implies a weaker demand and bearish crude prices.

However, oil prices settled mixed on Tuesday as traders digested a newly-released monthly report from the Organization of the Petroleum Exporting Countries (OPEC).

According to the report, OPEC oil production increased by 35,000 barrels a day in May, month-on-month, to average 31.87 million barrels a day.

The West Texas Intermediate (WTI) for July delivery rose 26 U.S. cents to settle at 66.36 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery dipped 58 cents to 75.88 dollars a barrel on the London ICE Futures Exchange.

Last Tuesday, API reported a draw of over 2 million barrels from the U.S. crude oil inventories for the week ending June 1.

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