Oil prices rose on Thursday, but trimmed gains following the release of US inventories report, which showed that inventories rose, but still lower than expected.

The US Energy Information Administration revealed that the US oil inventories roe about 400 thouthan barrels, but fell short of expectations for 3.3 million.

While the American Petroleum Institute reported yesterday in preliminary data that inventories rose 4.2 million barrels during the same period.

Meanwhile, global markets are still mointring the impact of the coronavirus health crisis, amid signs of infections slowing down in China.

As of 18:58 GMT, West Texas crude gained 0.9% to $53.8 a barrel, after it hit a day high of $54.5 and a low of $53.2.

Brent also rose 0.4% to $59.3 a barrel, with a high of $60 and a low of $58.9.

The US Energy Information Administration (EIA) showed today that the US crude inventories rose by 400 thousand barrels to reach a total of 442.9 million barrels during past week, lower than forecasts of 3 million.

The gasoline stockpiles fell 2 million barrels to a total of 259.1 million, and distillate stockpiles declined by 600 thousand barrels to a total of 140.6 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories rose by 4.2 million barrels during same period.

Palladium futures rose on Thursday, buoyed by high market's sentiment and widespread optimism about a thaw in the coronavirus health crisis.

Major factories and companies, especially automakers, revealed that most of their Chinese factories are gradually resuming business in markets amid news of a slowdown in the coronavirus spread.

The Chinese health authorities revealed today that coronavirus has infected 75,000 cases, and its death toll rose to 2,000 victims, but infected cases of the coronavirus have slowed.

With automakers resuming work, demand on palladium increased, as the metal is heavily used in the manufacturing of car components to reduce pollutant emissions.

Major automakers such as general Motors, Fiat Chrysler and Toyota Motor have announced that most of their Chinese factories are working normally again.

Palladium March futures rose 1% to trade at $2,595.8 an ounce as of 14:35 GMT, after hitting a high of $2,6742 and a low of $2,561.1.

The major US stock indices held steadily on Thursday, as global markets focused on the latest developments of the coronavirus health crisis and its economic impact.

The minutes of the latest Federal Reserve's meeting in January showed yesterday that the FOMC members were confident in the US economic growth rate, as they prefer to hold rates for a prolonged period of time.

However, the Fed warned of the short-term risk and the economic impact of the coronavirus outbreak on global markets.

Data showed today that the jobless claims in the US rose by 4,000, to 210,000 during the past week.

The Chinese health authorities revealed today that coronavirus has infected 74,000 cases, and its death toll rose to 2,160 victims.

As for stocks, Dow Jones rose 0.1% or 5 points to 29,353 at 15:19 GMT, and S&P 500 rose 0.1% or 2 points to 3,388, while Nasdaq lost 0.1% or 6 points to 9,811.