The American Petroleum Institute (API) on Tuesday reported a drop of 6.674 million barrels of crude oil in U.S. inventories for the week ending Jan. 19.

Analysts expected a decline of 3.0 million barrels for this week.

The API reported a hike of 0.483 million barrels in the previous week.

Oil prices fell on Tuesday.

The West Texas Intermediate for March delivery decreased 39 cents, or 0.52 percent, to settle at 74.37 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped 51 cents, or 0.64 percent, to settle at 79.55 dollars a barrel on the London ICE Futures Exchange.
Source: Xinhua