Oil prices continued to rise as the US market opened on Wednesday, for the second day in a row, after the release of preliminary data that showed a drop  in the US crude inventories, and ahead of the EIA's weekly report.

US crude rose 1.3% to $71.78 a barrel, after opening at $70.83, and hit a low at $70.67, and Brent crude rose 1.4% to $74.54 a barrel, after opening at $74.54, and hit a low at $74.51.

The US crude gained 0.4% yesterday, and Brent crude rose 0.8%, in the first gain in 3 days, as most dollar-denominated commodities rose.

The American Petroleum Institute reported in preliminary data that the US crude inventories fell 6.1 million barrels during the week ending September 17, while analysts forecast a drop by 3.8 million barrels.

The total US commercial inventories fell to 418.5 million barrels, which is the lowest level since the week ending September 27, 2019, in a positive sign of the US domestic demand.

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 3.3 million barrels.

While the US output rose 100,000 barrels last week, with the total at 10.1 million barrels per day, a less-than-expected rise, as producers in the Gulf of Mexico are still suffering from Hurricane Ida's damages.

Silver prices rose on Wednesday, to head for the second straight daily gain, within recovery from 10-month low, as concerns eased over the Chinese company Evergrande crises, and ahead of the Federal Reserve's monetary policy decisions.

Silver prices rose 1.9% to $22.89 an ounce, after opening at $22.46, and hit a high of $22.45.

Silver closed higher 1.1% yesterday, the first daily gain, within recovery from a 10-month low of $22.02 an ounce.

Silver prices are rising as concerns about the Chinese economy eased following the People’s Bank of China measures to allay fears over the Evergrande crisis.

The US Federal Reserve's monthly meeting will conclude later today, amid expectations of holding the benchmark interest rate near zero.

The decision will be reveled at 18:00 GMT, and will be followed by a press conference from the Fed Chief Jerome Powell at 18:30 GMT to comment on monetary policy.

The meeting is expected to offer some clues on the pace of cutting down the bonds purchases program before the end of this year.

European stocks rose on Wednesday, rebounding for the second day from a 2-month low, as concerns over the Chinese company Evergrande crisis start to ease, and ahead of the US Federal Reserve's decisions.

The Stoxx Europe 600 index rose 0.7% as of 10:50 GMT, after closing higher by 1% yesterday, within recovery from a 2-month low at 450.25 points.

The mining sector saw the largest gains in Europe today, with a rise of more than 1.5%, as concerns about the Chinese economy eased.

The People's Bank of China has injected huge sums of money, in attempts to ease global markets' concerns about the Evergrande's debt crisis.

S&P 500 futures rose 0.7% today, after the index closed lower by 0.1%, due to investors' risk aversion ahead of the Federal Reserve meeting.

The Fed will reveal its decision later today, which is expected provide clarity over the future of its decision in light of the recent economic data, amid expectations to start reducing its bond-buying before the end of this year.

Back to Europe, the Euro Stoxx 50 index rose 0.8%, France's CAC 40 rose 1.1%, Germany's DAX index rose 0.6%, and the UK's FTSE 100 rose 0.5%.

Oil prices rose on Wednesday, for the second day in a row, after the release of preliminary data that showed a drop  in the US crude inventories, and ahead of the EIA's weekly report.

US crude rose 1.3% to $71.78 a barrel, after opening at $70.83, and hit a low at $70.67, and Brent crude rose 1.4% to $74.54 a barrel, after opening at $74.54, and hit a low at $74.51.

The US crude gained 0.4% yesterday, and Brent crude rose 0.8%, in the first gain in 3 days, as most dollar-denominated commodities rose.

The American Petroleum Institute reported in preliminary data that the US crude inventories fell 6.1 million barrels during the week ending September 17, while analysts forecast a drop by 3.8 million barrels.

The total US commercial inventories fell to 418.5 million barrels, which is the lowest level since the week ending September 27, 2019, in a positive sign of the US domestic demand.

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 3.3 million barrels.