U.S. crude oil inventories up last week: API

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HOUSTON, May 5 (Xinhua) -- The American Petroleum Institute (API) on Tuesday reported an increase of 8.4 million barrels of crude oil in the U.S. crude oil inventories for the week ending May 1.

API reported an increase of 10 million barrels of crude oil inventories for the previous week ending April 24 while the U.S. Energy Information Administration (EIA) reported a rise of 9 million barrels.

Oil prices soared on Tuesday with the U.S. benchmark jumping more than 20 percent, as investors cheered signs of output cuts while expecting possible demand recovery.

The West Texas Intermediate for June delivery increased 4.17 U.S. dollars, or 20.45 percent, to settle at 24.56 dollars a barrel on the New York Mercantile Exchange, notching a five-day winning streak. Brent crude for July delivery rose 3.77 dollars, or 13.86 percent, to close at 30.97 dollars a barrel on the London ICE Futures Exchange. Enditem

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