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

By Gao Lu

HOUSTON, Dec. 1 (Xinhua) -- The American Petroleum Institute (API) on Tuesday reported an increase of 4.146 million barrels of crude oil in the U.S. crude oil inventories for the week ending Nov. 27.

API reported an increase of 3.8 million barrels of crude oil inventories for the previous week ending Nov. 20 while the U.S. Energy Information Administration reported a fall of 0.8 million barrels.

Oil prices declined on Tuesday as investors awaited a key decision on output policy from the Organization of the Petroleum Exporting Countries and its allies.

The West Texas Intermediate for January delivery lost 79 cents to settle at 44.55 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery decreased 46 cents to close at 47.42 dollars a barrel on the London ICE Futures Exchange.

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