The American Petroleum Institute (API) on Tuesday reported a drawdown of 6.27 million barrels in the U.S. crude oil inventories for the week ending Jan. 4.

In the previous week ending Dec. 28, API reported a drawdown of 4.50 million barrels in the U.S. crude oil inventories.

Oil prices extended gains on Tuesday. The West Texas Intermediate for February delivery increased 1.26 U.S. dollars to settle at 49.78 dollars a barrel on the New York Mercantile Exchange, and the Brent crude for March delivery rose 1.39 dollars to close at 58.72 dollars a barrel on the London ICE Futures Exchange.