By Kim Khan
Investing.com - U.S. oil inventories rose by more than 8 million barrels last week, the American Petroleum Institute reported Tuesday, as the build in stockpiles continue to follow a downward trend.
The API said inventories for the week ended May 1 rose by 8.4 million barrels, compares with a rise of 10 million barrels the week before.
Inventories at the Cushing, Okla. hub, where dwindling storage space has become a big concern, rose by nearly 2.7 million barrels.
WTI futures remained up sharply following the report, rising 23%, as optimism about increased demand helped prices top $25 per barrel.