The American Petroleum Institute (API) on Tuesday reported an increase of 6.037 million barrels of crude oil in U.S. inventories for the week ending March 28.

The API reported a decline of 4.600 million barrels in the previous week.

Oil prices dipped on Tuesday. The West Texas Intermediate for May delivery lost 28 cents, or 0.39 percent, to settle at 71.20 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased by 28 cents, or 0.37 percent, to settle at 74.49 dollars a barrel on the London ICE Futures Exchange.