The Energy Information Administration reported a buildup of 0.2 million barrels in US crude stocks last week to a total of 443.1 million barrels, while analysts expected a build of 0.6 million barrels.. 

Gasoline stocks fell by 4.5 million barrels to 229.5 million barrels, as distillate stocks fell by 2.4 million barrels to 106.9 million barrels.

US stock indices rallied on Wednesday as concerns about the trade war calmed down, and following positive statements by US President Donald Trump about Fed Chair Powell.

The strong gains came after a report by the Wall Street Journal about Trump’s plans to reduce tariffs on China from upwards of 245% to just 50%.

Trump admitted on Tuesday that current tariffs on China are too high and won’t stay this way and will be reduced soon, but won’t reach zero.

In another statement that calmed the markets, Trump said he doesn’t intend to fire Fed Chair Jerome Powell, asserting he’ll let him complete his term until May 2026.

It comes after a series of heavy Trump attacks on Powell, describing him as a big loser and demanding he cuts interest rates immediately. 

On trading, Dow Jones rallied 2.3% as of 14:21 GMT, or 900 points to 4086 points, while S&P 500 added 2.6%, or 139 points to 5426 points, as NASDAQ surged 3.5% to 16,875 points.

Bitcoin gained ground on Wednesday on track for the fifth profit in a row, hitting eight-week highs and on track to test the psychological barrier of $100,000.

It comes amid an upbeat sentiment in the global financial markets after positive Trump remarks about Jerome Powell and China.

The Price

Bitcoin rose 1.1% at Bitstamp today to $94,510, the highest since March 2, with a session-low at $92,657.

On Tuesday, bitcoin rallied 7%, the fourth profit in a row and the largest since April 9 as major corporations announce new bitcoin purchases.

US assets rebounded strongly on Tuesday with stock indices rallying and the dollar index rebounding from three-year lows after assurances from President Trump.

Trump’s Reassurances 

US President Donald Trump assured the markets he doesn’t intend to fire Fed Chair Jerome Powell despite his disappointment from the slow pace of policy easing.

Trump told reporters in the White House that he never tried to fire him, but he would like to see him more active about interest rate cuts.

It comes after a series of heavy Trump attacks against  Powell on social media, calling him a big loser and asserting his authority to fire him.

Gold prices fell in European trade on Wednesday, extending the losses for the second straight session and backing off a record high at $3500 on profit-taking.

It comes as haven demand slows down amid a rebound in global financial markets following assurances by US President Donald Trump on Powell and China. 

The Price

Gold prices fell 2.15% today to $3308 an ounce, with a session-high at $3386.

On Tuesday, gold lost 1.3% away from a recent record high at $3500.

Global Markets 

US assets rebounded strongly on Tuesday with stock indices rallying and the dollar index rebounding from three-year lows after assurances from President Trump.

Trump’s Reassurances 

US President Donald Trump assured the markets he doesn’t intend to fire Fed Chair Jerome Powell despite his disappointment from the slow pace of policy easing.

Trump told reporters in the White House that he never tried to fire him, but he would like to see him more active about interest rate cuts.

It comes after a series of heavy Trump attacks against  Powell on social media, calling him a big loser and asserting his authority to fire him.

US Rates

Chicago Fed President Austin Goolsbey said he hopes the US won’t turn into an environment where the Fed’s ability to set monetary policies independently from political pressure is undermined.

According to the Fedwatch tool, the odds of a May Fed 0.25% rate cut stood at 7%.

The odds of such a cut in June stood at 62%.

SPDR

Gold holdings at the SPDR Gold Trust fell 4.59 tons yesterday to a total of 947.70 tons, the lowest since April 9.