Oil prices continued to fall as the US market opened on Wednesday, with the US crude pulling back from its 7-year high, while Brent is headed toward its first daily loss in 4 days, weighed down by a build in US crude inventories, according to the American Petroleum Institute's preliminary data, and ahead of the Energy Information Administration's official report later today.

US crude fell 1.4% to $83.14 a barrel, after opening at $84.34, and hit a high at $84.48, and Brent crude fell 1% to $85.16 a barrel, after opening at $86.00, and hit a low at $86.26.

The US crude gained 0.9% yesterday, and Brent crude rose 0.25%, in the third straight daily gain.

The American Petroleum Institute reported in preliminary data that the US crude inventories rose 2.3 million barrels to 434.5 million barrels during the week ending October 22, which is the highest level since the week ending August 20, while analysts forecast a rise by 1.9 million barrels.

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to rise by 2 million barrels.

While the US output fell 100,000 barrels last week, with the total at 11.3 million barrels per day.

The US dollar fell against a basket of currencies on Wednesday, and backed off the highest level in a week hit yesterday on profit-taking, ahead of key economic data on the US durable goods orders during September.

The dollar index fell 0.15% to 93.82 points, after opening at 93.96 points, and hit a low at 94.00 points.

The index gained 0.15% yesterday, and hit a 1-week high at 94.02 points, after strong economic data in the US.

Data showed yesterday that the US consumer confidence to 113.8 points in October, beating expectations of 108.4 points, rising from 109.8 points during September.

At 12:30 GMT, the US durable goods orders reading is expected to fall by 1.1% in September from a rise by 1.8% in August, the core reading expected to rise by 0.4% from 0.3%.

Gold prices fell on Monday, for the second straight day, as profit-taking from a 6-week high continued, while the US dollar rose today against its rivals.

Gold prices rose 0.6% to $1,783.42 an ounce, after opening at $1,793.20, and hit a high of $1,794.37.

Gold closed lower by 0.8% yesterday, the first daily loss in 6 days, after hitting a 6-week high at $1,813.94 an ounce.

The dollar index rose less than 0.1% today, which weighs down on dollar-denominated metals prices.

Data showed yesterday that the US consumer confidence to 113.8 points in October, beating expectations of 108.4 points, rising from 109.8 points during September.

Gold stocks at the SPDR ETF rose 1.74 metric tonnes, with the total at 979.81 mt, after hitting the lowest level since April 2, 2020 of 979.81 mt.

Euro rose in European trade against dollar away from weeks lows, on track for the first profit in three days before a crucial ECB meeting tomorrow, expected to offer clues on the future of monetary policy in the euro zone.

EUR/USD rose 0.2% to 1.1613, after closing down 0.1% yesterday, the second loss in a row, marking week lows at 1.1585 on profit-taking.

The dollar index fell 0.2% on Wednesday away from week highs at 94.02 against a basket of major rivals.

Investors  are shunning new positions ahead of major central bank meetings in Canada, Japan, and Europe. 

The European Central Bank is convening tomorrow to decide on policies, expected to maintain them mostly unchanged while expressing some clues on the future of monetary policy.