HOUSTON, Dec. 17 (Xinhua) — The American Petroleum Institute (API) on Tuesday reported a big increase of 4.7 million barrels of crude oil in the U.S. crude oil inventories for the week ending Friday.
API reported an increase of 1.41 million barrels in crude oil inventories for the previous week ending Dec. 6, and the U.S. Energy Information Administration reported an increase of 800,000 barrels.
Oil prices extended gains on Tuesday, boosted by hopes of an improved outlook for crude demand in the wake of global trade progress.
The West Texas Intermediate for January delivery settled 73 cents higher at 60.94 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 76 cents to close at 66.10 dollars a barrel on the London ICE Futures Exchange.
LINK ORIGINAL: Xinhuanet