Oil prices rose on Tuesday, in recovery attempts from the 6-week low hit earlier in the Asian trade, to head for the first daily gain in the last 7 days, after China's oil imports rose to a new record in 2019, in addition to Saudi Energy Minister upbeat remarks, and the US and China signing of the long-awaited trade deal.

West Texas Intermediate Crude (WTI) rose to $58.44 a barrel, after opening at $58.01, with a session-low of $57.76 (lowest since Dec. 6), and Brent rose to $64.20, after opening at $64.20, with a session-low of $63.94  (lowest since Dec. 12).

WTI closed lower by 1.9% on Tuesday, and Brent crude futures fell by 1.25%, their sixth daily loss, and the longest losing streak since Sept, as market concerns eased about the geopolitical tensions between the US and Iran.

China's General Administration of Customs showed that imports of crude oil rose by 10% during 2019, to record a new record for the 17th year, as demand from the new giant refineries increased, making China the world's largest oil importer.

Saudi Energy Minister Prince Abdulaziz bin Salman said that his country will work to balance the oil market, amid the escalating US-Iran tensions, to sustain prices and increase in demand.

Markets will focus on the signing of the phase-one trade deal between the US and China tomorrow at the White House, ending the more than 18 months old trade war, which has weighed down on the global economy and oil demand.

At 13:30 GMT, the US economy released it reading for the CPI, which rose by 0.2% monthly in December, in line with forecasts, but lower than the previous reading of 0.3%. 

The core CPI reading (excluding food and fuel prices) rose by 0.1%, lower than the previous reading and forecasts of 0.2%. This data is considered negative for the US dollar.

Nickel prices edged higher today, buoyed by Indonesia's reveal of production plans to exploit its domestic nickel ore inventories.

Indonesia unveiled its plan to ban exports of nickel ore starting in January, which is aimed at increasing its stockpiles of the metal and exploiting it in local industries, especially steel.

The Indonesian government also aims to ban exports of all ore metals to spurr the local industries.

Jakarta stated that it plans to build at least five factories to manufacture batteries using nickel and other metals to meet the increasing demand of the electric vehicle manufacturers.

This plans may lead to nickel supply shortages in global markets, which has recently lifted prices higher.

Nickel spot futures rose by 1.3% to $13,865.6 per tonne as of 14:43 GMT, after rising by 1.5% to today's high above the $14,000 barrier.

The US dollar rose on Tuesday, to extend its gains for the second straight day, near touching its 2-week high, as investors continued to focus on high-yield currencies, ahead of key US data releases on inflation levels for December.

The dollar index rose more than 0.1% to 97.47 points, after it opened at 97.36, and hit a day low of 97.35.

The greenback gained less than 0.1% yesterday, to mark its fourth daily gain in the past 5 days, on positive developments on the US-China trade file.

The US dollar rose to 2-week high of 97.58 on Friday, on improved risk-appetite, as concerns about the geopolitical tensions in the Middle East receded, and the US and China getting near to the signing of their initial trade pact.

A Chinese trade delegation headed by Vice Premier Liu He have arrived in Washington today, to sign the phase-one trade deal on Wednesday at the White House with President Donald Trump's administration.

The US Treasury Department on Monday removed its designation of China as a currency manipulator, in the latest positive measures.

Investors are anticipating the release of important US data today, on the US consumer prices index.

The US CPI reading for December will be released at 13:30 GMT, with forecasts for the annual reading to rise by 2.3% vs. 2.1% in November, and the monthly reading to rise by 0.2% vs. 0.3%.