U.S. crude oil inventories down last week: API
May 05, 2021
Houston (US), May 5: The American Petroleum Institute (API) on Tuesday reported a sharp decrease of 7.7 million barrels of crude oil in the U.S. crude oil inventories for the week ending April 30.
API reported an increase of 4.319 million barrels of crude oil inventories for the previous week ending April 23 while the U.S. Energy Information Administration (EIA) reported a rise of 100,000 barrels.
Oil prices extended gains on Tuesday as traders remained hopeful about solid demand recovery amid easing COVID-19 restrictions in the United States and Europe.
The West Texas Intermediate (WTI) for June delivery added 1.20 U.S. dollars, or 1.86 percent, to settle at 65.69 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery increased 1.32 dollars, or 1.95 percent, to close at 68.88 dollars a barrel on the London ICE Futures Exchange.