HOUSTON, Nov. 6 (Xinhua) -- The American Petroleum Institute (API) on Tuesday reported a buildup of 7.83 million barrels in the U.S. crude oil inventories for the week ending Nov. 2.

The institute reported a buildup of 5.70 million barrels in the oil inventories for the previous week.

Oil prices declined on Tuesday as the United States allowed eight major importers to continue buying oil from Iran for 180 days despite its sanctions against the Middle East country.

The West Texas Intermediate for December delivery dropped 0.89 U.S. dollar to settle at 62.21 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery was down 1.04 dollars to close at 72.13 dollars a barrel on the London ICE Futures Exchange.