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

Alsharq Tribune-AFP 

The American Petroleum Institute (API) on Tuesday reported a decrease of 0.370 million barrels of crude oil in U.S. inventories for the week ending June 6.

Analysts expect a surge of 0.700 million barrels for this week.

The API reported a decline of 3.300 million barrels in the previous week.

The API indicator shows how much oil product is available in storage, offering an overview of U.S. petroleum demand.

Oil prices inched down on Tuesday.

The West Texas Intermediate for July delivery dropped 31 cents, or 0.47 percent, to settle at 64.98 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 17 cents, or 0.25 percent, to settle at 66.87 dollars a barrel on the London ICE Futures Exchange.