HOUSTON: The American Petroleum Institute (API) reported a 3.594 million barrel rise in crude oil stockpiles in the United States for the week ending October 29. On Tuesday, analysts predicted a weekly rise of approximately 1.567 million barrels. In the prior week, the API recorded an increase of 2.318 million barrels.

On Tuesday, oil prices were neutral as traders awaited news on US gasoline supplies as well as a major meeting of the Organization of Petroleum Exporting Countries and its partners, known as OPEC . On the New York Mercantile Exchange, the West Texas Intermediate (WTI) for December delivery fell 14 cents to close at USD 83.91 a barrel. On the London ICE Futures Exchange, Brent oil for January delivery rose a penny to settle at 84.72 USD a barrel. On Wednesday, the US Energy Information Administration will release its weekly petroleum status report, while OPEC alllies will meet on Thursday to debate its oil output plan.

Despite mounting pressure from major oil-consuming countries, analysts predict that the alliance will continue to its objective of gradually increasing monthly output by 4,00,000 barrels per day.

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