U.S. oil inventories decrease last week: API

The American Petroleum Institute (API) on Tuesday reported a draw of over 2 million barrels from the U.S. crude oil inventories for the week ending June 1.

During the week from May 19 to 25, the API reported a build of 1 million barrels of crude oil.

Oil prices ended higher on Tuesday after U.S. crude dipping to its lowest level in two months earlier in the day. The West Texas Intermediate (WTI) slumped to two-month low of 64.22 U.S. dollars a barrel in the morning session.

The WTI for July delivery rose 0.77 U.S. dollar to settle at 65.52 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added 0.09 dollar to close at 75.38 dollars a barrel on the London ICE Futures Exchange.