Oil prices continued to rise as the US market opened on Wednesday. after hitting a three-week earlier in European trade, as the US crude resumed its rally after pausing yesterday, and Brent crude extended its gains for the seventh straight day, after data showed that the coronavirus spread is slowing down, in addition to new US sanctions on Venezuelan oil supply, while the API will release its preliminary data on US crude inventories later today.

The US crude rose to the highest since Jan. 31 at $52.91 a barrel, after opening at $52.11, and Brent crude also rose to highest since Jan. 31 at $58.66, after opening at $57.67.

US crude fell by 0.4% yesterday, to post its first loss in 3 days, while Brent futures gained 0.25%, posting the sixth straight daily gain.

China revealed that the numbers of infected cases of the coronavirus have fallen for the second straight day, boosting hopes about the Chinese government's ability to contain the virus spread, which has sharply impacted the Chinese economy and hit its demand for oil.

The Chinese authorities are struggling to resume the country's industrial activities, after a lockdown on major cities to contain the virus outbreak, which its death toll reach more than 2000 victims.

The US yesterday imposed sanctions on subsidiary of the Russian state oil company, Rosneft, due to its ties to Venezuelan President Nicolas Maduro and Venezuelan oil companies.

Rosneft Trading is the main supplier for the Venezuelan crude to Asia, especially to India and China.

The Libyan National Oil Corporation unveiled today that Libya's oil output fell to 123 thousand barrels per day in February vs 1.2 million bpd before Haftar forces sieged the ports in mid-January.

The American Petroleum Institute (API) will release later today its preliminary data on US crude inventories, with forecasts for inventories to rise for the third straight week, and the US Energy Information Administration will release the official report tomorrow.

European stocks jumped on Wednesday to all-time highs and resume their rally after taking a breather yesterday, thanks to a global risk-on move and improved market sentiment, after Chinese data showed that the coronavirus spread is slowing down.

The Stoxx Europe 600 index was higher by 0.6% at 11:45 GMT, reaching its all-time high of 433.20 points, while it also closed lower by 0.4% on profit-taking and following Apple's revenue warnings for the first quarter of this year.

The index opened today's session higher, jumping to its all-time highs, with most of the major European exchanges and sectors rising today.

The mining sector saw the largest gains in Europe today, rising more than 0.8%, following Chinese data showing that the coronavirus outbreak is slowing down.

China revealed that the numbers of infected cases of the coronavirus have fallen for the second straight day, boosting hopes about the Chinese government's ability to contain the virus spread, which has sharply impacted the Chinese economy.

S&P 500 futures rose 0.2% today, after the index closed lower by 0.3% yesterday at Wall Street, on profit-taking from its all time high of 3,385.09 points.

Back to Europe, the Euro Stoxx 50 index added 0.6%, France's CAC 40 rose by 0.7%, and the UK's FTSE 100 rose by 0.75%.

While the German DAX rose by 0.5%, near its all-time high of 13,795.24 points.

Sterling rose in European trade on track for the first profit in three days against dollar, ahead of UK inflation data for January. 

GBP/USD rose 0.2% to 1.3018, with an intraday low at 1.2987. 

Sterling shed 0.1% yesterday, the second loss in a row, while marking a 1.3% profit last week, the third weekly profit in a month on upbeat UK GDP growth data. 

Investors await important UK inflation data, which might determine the path of policy decisions in the next Bank of England meeting. 

UK consumer prices are expected up 1.6% y/y in January, while core prices are estimated up 1.5%. 

Input producer prices are estimated down 0.5%, while output producer prices are expected up 0.1%. 

Asian stocks opened the third session of the week mostly higher with Japan, China, Australia, and New Zealand higher, while South Korea's KOSPI dropped after 15 new reported cases of coronavirus in South Korea. 

China just announced another 1,749 cases of coronavirus infections, the lowest daily rate since January 29, while the death toll rose to over 2,000. 

The People's Bank of China cut medium-term borrowing rates last Monday to 3.15% from 3.25%, while possibly cutting them yet again tomorrow. 

Earlier Japanese data showed the trade deficit widened to 1,313 billion yen from 155 billion in December, missing estimates of 1,685 billion. 

From the US, investors await the release of the Fed's minutes for the January 28-29 meeting, at which policymakers voted to maintain rates at below 1.75%.

Japan's TOPEX rose 0.54%, while Nikkei 225 added 0.71% to 23,359. 

China's CSI 300 climbed 0.55%, while Shanghai advanced 0.30% to 2,993. 

Hong Kong's Hang Seng rose 0.55%, while South Korea's KOSPI shed 0.19% to 2,204. 

New Zealand's NZX 50 rose 0.30%, while Australia's S&P/ASX 300 added 0.08% to 7,119.