HOUSTON, Jan. 7 (Xinhua) -- The American Petroleum Institute (API) on Tuesday reported a decrease of 5.945 million barrels of crude oil in the U.S. crude oil inventories for the week ending Jan. 3.
The API reported a drop of 7.8 million barrels of crude oil inventories for the previous week ending Dec. 27, and the U.S. Energy Information Administration reported a loss of 11.5 million barrels.
Oil prices declined on Tuesday as investors' concerns over geopolitical tensions in the Middle East eased.
The West Texas Intermediate for February delivery declined 0.57 U.S. dollar to settle at 62.70 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery decreased 0.64 dollar to close at 68.27 dollars a barrel on the London ICE Futures Exchange.