Oil prices turned higher as the US market opened on Wednesday, extending gains for the second straight day, after preliminary data showed a drop in the US crude inventories, ahead of the release of the EIA weekly report.

US crude rose 1.3% to $ 60.02 a barrel, after opening at $59.22, and hit a low at $58.81, and Brent crude rose 1.5% to $63.52 a barrel, after opening at $62.58, and hit a low of $62.24.

US crude gained 0.7% yesterday, within recovery attempts from a 2-week low of $57.65, and Brent crude futures rose 0.75%, after hitting the lowest since March 25 at $61.28.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 2.6 million barrels during the week ending April 2, beating forecasts of a drop by 0.7 million barrels.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 2 million barrels.

The US production rose 100K barrels last week, with a total at the highest level of since the week ending November 27 at 11.1 million barrels per day.

The US dollar fell on Wednesday, deepening its losses for the third straight day, and hit a 2-week low, due to improved risk appetite, amid a drop in the US Treasury bond yields, ahead of the Federal Reserve meeting minutes.

The dollar index fell 0.15% to the lowest level since March 23 at 92.19 points, after opening at 92.32 points, and hit a high of 92.41 points.

The US dollar fell 0.3% yesterday, and posted its second straight daily loss, due to improved market sentiment.

The US dollar fell due to strong sentiment after the US Treasury bond yields fell and US stock indices rallied to new record highs.

The 10-year US Treasury yield fell 1.5% today to a 2-week low of 1.683%.

The International Monetary Fund revealed its projections for the global GDP, which is expected to grow by 6% in 2021 from its previous forecast of 5.5%, thanks to the recovery from the Covid-19 pandemic and the lockdown restrictions.

At 18:00 GMT, The Federal Reserve will release minutes of the last policy meeting, at which policymakers voted to maintain current interest rates near zero and the bonds purchases program at over $120 billion.

European stocks fell in early trading on Wednesday, and pulled back from all-time highs on profit-taking as Wall Street's rally paused ahead of the Federal Reserve meeting minutes.

The Stoxx Europe 600 index fell 0.2% as of 11:45 GMT, after closing higher by 0.7% yesterday and hit an all-time high at 436.5 points.

The tech sector saw the largest losses in Europe today, falling 1.5%, after a wave of strong gains.

S&P 500 futures fell more than 0.1%, after the index closed lower by 0.1% yesterday on profit-taking from its new record high of 4,086.23 points.

At 18:00 GMT, The Federal Reserve will release minutes of the last policy meeting, at which policymakers voted to maintain current interest rates near zero and the bonds purchases program at over $120 billion.

Back to Europe, the Euro Stoxx 50 index fell 0.25, France's CAC 40 fell 0.1%, and Germany's DAX index fell 0.2% on profit-taking from its record high of 15,311.9 points.

While the UK's FTSE 100 rose 0.6%, after the British pound fell, which benefits exporting companies.

Gold prices fell on Wednesday, and pulled back from 2-week high on profit-taking, ahead of the Federal Reserve meeting minutes.

Gold prices fell more than 0.4% to $1,735.58 an ounce, after opening at $1,743.09, and hit a high of $1,744.29

Gold closed higher by 0.9% yesterday, after hitting a 2-week high at $1,745.44.

Gold prices as the US dollar fell against a basket of its peers, which makes gold cheaper for other currencies holders.

The US dollar fell due to strong sentiment after the US Treasury bond yields fell and US stock indices rallied to new record highs.

At 18:00 GMT, The Federal Reserve will release minutes of the last policy meeting, at which policymakers voted to maintain current interest rates near zero and the bonds purchases program at over $120 billion.

Gold stocks at the SPDR ETF fell 3.78 metric tonnes yesterday, with the total at the lowest level since April 15, 2020 at 1,032.83 metric tonnes.