U.S. crude oil inventories increase last week: API

The American Petroleum Institute (API) on Tuesday reported an increase of 3.545 million barrels in the U.S. crude oil inventories for the week ending May 31.

In the previous week ending May 24, API reported a decrease of 5.265 million barrels of crude oil inventories, while the U.S. Energy Information Administration (EIA) reported a decline of 300,000 barrels for the same period.

Oil prices bounced back on Tuesday, as investors digested the latest speech by U.S. Federal Reserve Chairman Jerome Powell and Saudi Arabia’s intentions to further cut supply to shore up prices.

The West Texas Intermediate for July delivery was up 0.23 U.S. dollar to settle at 53.48 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 0.69 dollar to close at 61.97 dollars a barrel on the London ICE Futures Exchange.
Source: Xinhua