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


By Gao Lu

HOUSTON, Nov. 24 (Xinhua) -- The American Petroleum Institute (API) on Tuesday reported an increase of 3.8 million barrels of crude oil in the U.S. crude oil inventories for the week ending Nov. 20.

API reported an increase of 4.174 million barrels of crude oil inventories for the previous week ending Nov. 13, while the U.S. Energy Information Administration (EIA) reported a rise of 0.8 million barrels.

Oil prices moved noticeably higher on Tuesday, fueled by positive expectations. The West Texas Intermediate (WTI) for January delivery gained 1.85 U.S. dollars, or 4.3 percent, to settle at 44.91 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 1.8 dollars, or 3.9 percent, to close at 47.86 dollars a barrel on the London ICE Futures Exchange.

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