Oil prices continued to rise as the US market opened on Tuesday, rising by more than 1%, 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 by 1.0% to $58.68 a barrel, after opening at $58.01, with a session-low of $57.76 (lowest since Dec. 6), and Brent rose by 1.1% to $65.00, 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.

The American Petroleum Institute (API) will release the preliminary data on inventories and production levels in its weekly report later today, with forecasts for inventories to drop, and the US Energy Information Administration (EIA) will release the official data tomorrow.

Gold prices fell during the European session on Tuesday, to deepen losses for the third straight day to a 2-week low, on slow safe-haven demand, and a rise in the US dollar against a basket of major currencies.

Gold prices fell by 0.8% to $1,535.88 (the lowest since Jan. 3), after opening at $1,548.18, and hit a day high of $1,548.87.

The yellow metal closed lower by 0.9% yesterday, to post its third daily loss in the four days, on improved investor risk-appetite.

Gold prices are facing pressure from slow safe-haven demand, and improved risk-appetite, as risks that pushed gold prices 7-year highs receded.

These risks were the heightened geopolitical tensions in the Middle East between the US and Iran after the killing of the Iranian General Qassem Soleimani in a US airstrike.

Market sentiment also got a boost as the US and China are going to sign the phase-one trade deal on Wednesday in Washington, DC.

The dollar index rose today by 0.1%, to extend its gains for the second straight day, reflecting a strong performance against a basket of major currencies.

The greenback's rally comes as demand surged on higher-yielding currencies, ahead of key US data releases on inflation levels for December.

Gold holdings at the SPDR Gold Trust, remained unchanged yesterday, with a total of 874.52 metric tonnes (lowest since Aug. 27).

European stocks fell on Tuesday, to deepen losses for the third straight day, on profit taking from record highs, amid the market anticipation for the details of the phase-one trade deal between the US and China.

Stoxx Europe 600 fell 0.3% as of 11:44 GMT, after it closed lower by 0.2% yesterday, on profit-taking from its all-time high of 421.43 points.

The index opened today's session lower, heading to the third straight daily loss, as most of the major European exchanges and sectors fell today.

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

The deal end the more than 18 months old trade war between the world's two largest economies, but the contents of that deal have not been revealed yet, amid anticipation in the global markets for the details of this agreement.

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

S&P 500 futures lost 0.3% today, after closing higher by 0.7% yesterday at Wall Street, and posted the third daily gain and the all-time record of 3,288.14 points.

Back to Europe, the Euro Stoxx 50 index lost 0.4%, France's CAC 40 fell by 0.35%, Germany's DAX shed 0.2%, and In London, the FTSE 100 index fell by 0.3%.

Sterling retreated in European trade against dollar for the sixth straight session to three-week low on prospects of a UK rate cut and following weak data. 

GBP/USD fell 0.3% to 1.2954, a December 24 low, after losing 0.6% yesterday, marking the longest losing streak since mid December. 

UK rate hike futures rose 25% after statements from a BoE member who said he'll vote for a rate cut in the policy meeting this month. 

The sentiment was bolstered after GDP shrank in November by the worst margin since April, while manufacturing weakened sharply as well. 

The UK economy is expected to suffer as well in 2020 as Brexit takes place on January 31.