US crude oil inventories up last week: API

Houston: The American Petroleum Institute (API) on Tuesday reported an increase of 7.58 million barrels of crude oil in the US crude oil inventories for the week ending May 8.
The API reported an increase of 8.4 million barrels of crude oil inventories for the previous week ending May 1 while the US Energy Information Administration reported a rise of 4.6 million barrels.
Oil prices gained on Tuesday after Saudi Arabia announced plans to further lower its production.
The West Texas Intermediate for June delivery rose $1.64 to settle at 25.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery was up $0.38 to close at $29.98 a barrel on the London ICE Futures Exchange.