The American Petroleum Institute (API) on Tuesday reported an increase of 1.024 million barrels of crude oil in U.S. inventories for the week ending June 9.

Analysts expected a drop of 1.29 million barrels for this week.

The API reported a decline of 1.71 million barrels in the previous week.

Crude oil futures prices staged a solid rebound on Tuesday as oil demand outlook improved.

The West Texas Intermediate for July delivery gained 2.30 U.S. dollars, or 3.43 percent, to settle at 69.42 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery shot up 2.45 U.S. dollars, or 3.41 percent, to settle at 74.29 U.S. dollars a barrel on the London ICE Futures Exchange.

The U.S. consumer price index posted year-on-year growth of 4 percent in May, the lowest level since March 2021, according to data issued by the U.S. Bureau of Labor Statistics on Tuesday.

Meanwhile, the Federal Open Market Committee has a higher probability of pausing rate hikes in its two-day monetary policy meeting which started Tuesday.
Source: Xinhua