U.S. crude oil inventories continue downtrend last week: API

Publish: 2:18 PM, July 4, 2018 | Update: 2:18:PM, July 4, 2018
U.S. crude oil inventories continue downtrend last week: API

HOUSTON – The American Petroleum Institute (API) on Tuesday reported a large draw of 4.5 million barrels in the U.S. crude oil inventories for the week ending June 29, the third consecutive week of decrease.

API reported draws of over 3.0 million barrels and 9.2 million barrels, respectively, for the previous two weeks.

Oil prices edged up on Tuesday on rising concerns about an oil shortage amid supply disruptions in Libya.

The West Texas Intermediate (WTI) for August delivery increased 0.20 U.S. dollar to settle at 74.14 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery was up 0.46 dollar to close at 77.76 dollars a barrel on the London ICE Futures Exchange.

A weaker U.S. dollar also made the dollar-priced commodity more attractive for holders of other currencies.