4/16, 10:39 PM (Source: TeleTrader)
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Oil prices rise as API shows lower US inventories

Oil prices went from trading negative early to Tuesday to recording gains with Brent above the $71 mark as media reports suggested private inventory data from the American Petroleum Institute (API) showed a surprise draw in US stockpiles. Crude inventories decreased by 3.09 million barrels in the week ending April 12.

Two weeks ago, API data showed a rise in crude stockpiles. The United States Department of Energy will release official data on oil inventories in the country on Wednesday.

West Texas Intermediate for settlement in May ended the trading day on Tuesday in the US around 1% higher and extended the gains to rise 0.16% to $64.14 per barrel at 4:26 pm ET. Brent was flat at the same time, going for $71.70 per barrel.

Breaking the News / VP