U.S. oil inventories plummet

HOUSTON, May 8 (Xinhua) -- The American Petroleum Institute (API) Tuesday reported a draw of 1.85 million barrels to the U.S. crude oil inventories for the week ending May 4.

Last week, the API reported a large build of 3.427 million barrels of crude oil.

The institute also reported a draw in gasoline inventories for week ending May 4, to 2.055 million barrels, a much larger draw than the analysts had expected.

Oil prices settled lower on Tuesday after President Donald Trump announced the country will withdraw from the Iran nuclear deal, a landmark agreement signed in 2015.

The West Texas Intermediate (WTI) for June delivery lost 1.67 U.S. dollars to settle at 69.06 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery erased 1.32 dollars to close at 74.85 dollars a barrel on the London ICE Futures Exchange. Enditem