A foreign tanker unloads crude oil at a pier in Qingdao, East China’s Shandong Province in September 2017. File Photo: VCG

 
The American Petroleum Institute (API) on Tuesday reported an increase of 8.010 million barrels of crude oil in the U.S. crude oil inventories for the week ending Oct. 30.

API reported an increase of 4.577 million barrels of crude oil inventories for the previous week ending Oct. 23 while the U.S. Energy Information Administration (EIA) reported a rise of 4.3 million barrels.

File Photo: Xinhua

 
Oil prices moved higher on Tuesday as risk-on mood returned to the market. The West Texas Intermediate (WTI) for December delivery rose 85 cents to settle at 37.66 US dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 74 cents to close at 39.71 dollars a barrel on the London ICE Futures Exchange.