U.S. crude oil inventories decrease sharply last week: API
The American Petroleum Institute (API) on Tuesday reported a huge draw of 8.636 million barrels in the U.S. crude oil inventories for the week ending Sept. 7.
The institute reported a slight draw of 1.2 million barrels in the oil inventories for the previous week.
Oil prices rose on Tuesday as the U.S. Energy Information Administration (EIA) lifted oil-price forecasts and lowered U.S. crude output expectations.
The West Texas Intermediate (WTI) for October delivery jumped 1.71 U.S. dollars to settle at 69.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 1.69 dollars to 79.06 dollars a barrel on the London ICE Futures Exchange.
