(MENAFN)
An increase of 4.1 million barrels in the crude oil inventories in the U.S. in the week ending on the 4th of October was reported by the American Petroleum Institute (API) on Tuesday.
API said there was a draw of 5.9 million barrels of crude oil inventories for the last week that ended on the 27th of September, and the U.S. Energy Information Administration (EIA) saw a rise of 3.1 million barrels.
Oil prices dropped Tuesday, as the U.S. Energy Information Administration (EIA) cut its prediction for global oil demand growth for both 2019 and 2020.
The West Texas Intermediate for November delivery declined USD0.12 to set at USD52.63 per barrel on the New York Mercantile Exchange, Brent crude for December delivery dropped USD0.11 dollar to set at USD58.24 dollars per barrel on the London ICE Futures Exchange.
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