Oil prices fell further in post-settlement trade on Tuesday after private data from the American Petroleum Institute (API) showed that there was a larger-than-expected increase in crude oil stockpiles in the United States in the week ending January 31, APA reports citing the report of API.
According to the report, US crude oil stockpiles jumped by 4.18 million barrels, beating the estimates, while the country's gasoline stockpiles added 1.96 million barrels. Meanwhile, diesel stocks dropped by 1.78 million barrels last week.
West Texas Intermediate for March delivery traded 0.92% lower to go for $49.44 per barrel at 4:35 pm ET while Brent for April settlement slid 0.68%, trading for $53.83 per barrel at the same time.
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