U.S. crude oil inventories decrease sharply last week: API

HOUSTON, Dec. 11 (Xinhua) -- The American Petroleum Institute (API) on Tuesday reported a huge draw of 10.18 million barrels in the U.S. crude oil inventories for the week ending Dec. 7.

In the previous week ending Nov. 30, API reported a build of 5.36 million barrels.

Oil prices extended gains on Tuesday, as Russia plans to cut its oil production next month and Libya's national oil company declared forced shutdown due to force majeure.

The West Texas Intermediate (WTI)for January delivery increased 0.65 U.S. dollar to settle at 51.65 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery was up 0.23 dollar to close at 60.2 dollars a barrel on the London ICE Futures Exchange.