Oil prices reversed higher in American trade after sustaining losses in Europe, as markets focus on OPEC's meeting in Vienna, expected to conclude with a new agreement to cut global output to support prices. 

As of 13:35 GMT, US crude rose to $53.20 a barrel, while Brent advanced to $61.80 a barrel. 

US crude lost 0.9% yesterday after marking two-week highs at $54.54 recently, while Brent fell 0.95% away from similar two-week highs at $63.56. 

OPEC is convening tomorrow Thursday in Vienna to discuss production policies and market developments with outside producers such as Russia. 

Prices hit 13-month lows recently on renewed concerns over a supply glut as global producers pump record amounts of crude while global demand weakens. 

Goldman Sachs expects the meeting to result in an agreement to cut output by 1.3 million bpd into 2019. 

US Inventories 

In initial data, the American Petroleum Institute reported an inventory bump of 4.5 million barrels in US crude stocks in the week ending November 30, the second weekly addition in a row and above estimates of 2.3 million. 

Total stocks are up to 448.2 million barrels, the highest in 2018 and a negative sign for demand in the world's largest oil consumer.

Bank of America's analysts believe that most major economies around the globe will witness an economic slowdown next year despite the flurry of monetary and fiscal easing. 

Ethereum fell over 2.5% on Wednesday after a hiatus from losses yesterday, on track to relinquish the $100 barrier anew amid weak demand. 

At Bitstamp, Ethereum fell $3, or 2.5% to $105, with a session-high at $109, and a low at $104. 

Ethereum rose 0.9% on Tuesday, the first profit in three days after marking week lows recently at $104. 

Ethereum slumped 43% in November, the seventh loss in a row, and the longest such streak of monthly losses since August 2017. 

Market value of cryptocurrencies fell $3 billion on Wednesday to a total of $124 billion. 

In November, Ethereum fell below $100 for the first time since August 2017 amid a violent selloff wave that continues to hammer cryptocurrencies. 

Prices might give up this barrier again as demand continues to be persistently anemic on the world's third largest cryptocurrencies, and amid market apathy. 

The Canadian dollar fell on Wednesday against a basket of major rivals for another session ahead of Bank of Canada's policy decisions at its last meeting of 2018, after the bank already hiked rates for three times this year to 1.75%, with analysts expecting no change this time. 

As of 12:35 GMT, USD/CAD traded at 1.3280, with a session-high at 1.3294, and a low at 1.3252. 

Loonie marked a 0.5% loss yesterday away from two-week highs at 1.3159. 

Bank of Canada is expected to maintain interest rates at 1.75% and its policy unchanged. 

BoE believes higher rates are in line with inflation goals, paving the way for gradual policy tightening in accordance with data. 

Recently, economic indicators has flagged in Canada, hurting chances of a fourth rate hike this year, with investors now looking for clues for the 2019 policy cycle. 

Bitcoin fell over 2% on Wednesday to near one-week lows after failing to pierce $4,000 yet again amid weak investment demand and lack of incentives to buy. 

At Bitstamp, Bitcoin shed $85, or 2.2% to $3,818, with an intraday high at $3,913, and a low at $3,774. 

Bitcoin rose 1.9% on Tuesday, the first profit in three days away from week lows at $3,730. 

Otherwise, Bloomberg reported that the NASDAQ Exchange is still planning to launch Bitcoin futures in the first quarter of next year despite the recent collapse in prices. 

It was also announced that Nasdaq is partnering up with investment firm VanEck to launch a host of crypto products, which would be transparent and regulated. 

Market value of cryptocurrencies fell $3 billion on Wednesday to a total of $124 billion. 

In the US, Congressman Warren Davidson announced plans to introduce legislature to regulate cryptocurrencies and Initial Coin Offerings (ICO). 

Davidson said the bill would introduce an "assert class" for cryptocurrencies in order to prevent them from being classified as securities. 

It's worth noting that the US Securities and Exchange Committee (SEC) treats most cryptocurrencies as securities, while the CFTC treats them as commodities.