The American Petroleum Institute (API) on Tuesday reported an decrease of 2.025 million barrels of crude oil in U.S. inventories for the week ending Feb. 4.

Analysts had expected an increase of about 0.675 million barrels for this week.

The API reported a drop of 1.645 million barrels in the previous week.

West Texas Intermediate futures fell 2.2 percent in New York trading on Tuesday from recent seven-year highs as traders weighed ongoing tensions in Eastern Europe and the resumption of indirect talks between the United States and Iran.

The API data show how much oil and product is available in U.S. storage, giving an overview of the country’s petroleum demand.
Source: Xinhua