U.S. crude oil inventories up last week

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Oil
Oil

The American Petroleum Institute (API) on Tuesday reported an increase of 7.544 million barrels of crude oil in the U.S. crude oil inventories for the week ending July 17.

API reported a decrease of 8.322 million barrels of crude oil inventories for the previous week ending July 10 while the U.S. Energy Information Administration (EIA) reported a fall of 7.5 million barrels.

Oil prices gained on Tuesday as market sentiment was lifted after the European Union reached a deal on a massive coronavirus aid package.

The West Texas Intermediate (WTI) for August delivery increased 1.15 U.S. dollars to settle at 41.96 dollars a barrel on the New York Mercantile Exchange on its expiration day. September WTI crude, the more active new front-month contract, was up 1 dollar to settle at 41.92 dollars a barrel. Enditem

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