U.S. Crude Oil Inventories Down Last Week: API

HOUSTON, Dec. 8 (UrduPoint / Pakistan Point News - 8th Dec, 2021 ) --:The American Petroleum Institute (API) on Tuesday reported a decrease of 3.089 million barrels of crude oil in U.S. inventories for the week ending Dec. 3.

The API reported a drop of 0.747 million barrels in the previous week.

Analysts are forecasting an increase of about 2.093 million barrels for the current week.

Oil prices rose on Tuesday, extending the gains they had scored in the prior session, as fears over the COVID-19 Omicron variant retreated.

The West Texas Intermediate for January delivery added 2.56 U.S. dollars, or 3.7 percent, to settle at 72.05 Dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery increased 2.36 dollars, or 3.2 percent, to close at 75.44 dollars a barrel on the London ICE Futures Exchange.

On Monday, the U.S. crude benchmark and Brent jumped 4.9 percent and 4.6 percent, respectively.