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

By Gao Lu

HOUSTON, Jan. 12 (Xinhua) -- The American Petroleum Institute (API) on Tuesday reported a decrease of 5.821 million barrels of crude oil in the U.S. crude oil inventories for the week ending Jan. 8.

API reported a decrease of 1.663 million barrels of crude oil inventories for the previous week ending Jan. 1 while the U.S. Energy Information Administration (EIA) reported a fall of 8.0 million barrels.

Oil prices moved higher on Tuesday amid tailwinds on both demand and supply sides. The West Texas Intermediate (WTI) for February delivery added 96 cent to settle at 53.21 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased 92 cents to close at 56.58 dollars a barrel on the London ICE Futures Exchange.

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