US crude oil inventories up last week



The American Petroleum Institute (API) on Tuesday reported an increase of 4.18 million barrels in U.S. crude oil inventories for the week ending Jan. 31. The API reported a decrease of 4.27 million barrels of crude oil inventories for the previous week ending Jan. 24, and the U.S. Energy Information Administration (EIA) reported a rise of 3.5 million barrels.
Oil prices declined on Tuesday as investors were concerned that the outbreak of the novel coronavirus would dent global crude demand. The West Texas Intermediate for March delivery fell 0.50 U.S. dollar to settle at 49.61 dollars a barrel on the New York Mercantile Exchange.—Xinhua

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