U.S. crude oil inventories up last week

Source: Xinhua | 2020-01-15

The American Petroleum Institute (API) on Tuesday reported an increase of 1.1 million barrels of crude oil in the U.S. crude oil inventories for the week ending Jan. 10.

API reported a drop of 5.945 million barrels of crude oil inventories for the previous week ending Jan. 3, and the U.S. Energy Information Administration (EIA) reported an increase of 1.2 million barrels.

U.S. oil prices gained 0.26 percent on Tuesday as optimism returned and technical support came into play. The West Texas Intermediate futures for February delivery increased 0.15 dollar to settle at 58.23 U.S. dollars a barrel on the New York Mercantile Exchange.