Also Read | How hunger came back to haunt IndiaBoth contracts fell nearly 2% on Tuesday, in a second straight session of declines, with Brent just managing to settle above $50 ahead of the release of the data from the American Petroleum Institute (API).API reported crude inventories rose by 2.7 million barrels in the week to Dec.
18, compared with analysts' expectations in a Reuters poll for a decline of 3.2 million barrels."Rubbing salt in the oil market wounds today, oil prices lurched lower after yet another inventory build that was very much bearish to consensus," Axi chief market strategist Stephen Innes said in a note.Distillate stocks, which include diesel, heating oil and jet fuel, rose by 1 million barrels, also a surprise against.