Ethereum rose on Wednesday with demand rebounding on high-risk assets such as cryptocurrencies following somewhat positive remarks from the US administration on tariffs. 

The US Trade Secretary Howard Lutnik said the Trump administration might announce a mechanism for reducing the 25% tariffs on Mexico and Canada.

Earlier data showed the US private sector added 77 thousand jobs in February, far below estimates of 141 thousand, and down from 186 thousand in January.

 The US ISM PMI rose to 53.5 in February from 52.8 in January, while analysts expected a drop to 52.5.

Now investors await the more important US payrolls report next Friday, expected to show the addition of 170 thousand new jobs in February. 

Trump imposed 25% tariffs on Canada and Mexico, and a 10% additional tariff on Chinese products, damaging global sentiment. 

China quickly responded by imposing 15% tariffs on some US imports, and will limit exports to 15 US companies.

Ethereum

Ethereum rose 2.7% on Coinmarketcap as of 20:38 GMT to $2228.9.

Oil prices fell on Wednesday with the losses intensified after a larger than expected US crude inventory buildup last week.

The US Trade Secretary Howard Lutnik said the Trump administration might announce a mechanism for reducing the 25% tariffs on Mexico and Canada.

The Energy Information Administration reported a buildup of 3.6 million barrels in US crude stocks last week to a total of 433.8 million barrels, while analysts expected a build of 0.2 million barrels.

Gasoline stocks fell by 1.4 million barrels to 246.8 million barrels, while distillate stocks fell 1.3 million barrels to 119.2 million barrels. 

According to government data, local oil demand fell by 300 thousand bpd to 20.5 million bpd. 

On trading, Brent May futures fell 2.5%, or $1.74 to $69.3 a barrel.

US crude futures due in April fell 2.9%, or $1.95 to $66.31 a barrel.

Gold prices rose on Wednesday for the third straight session as the dollar dropped against most major rivals with traders analysing US President Donald Trump’s policies. 

The US Trade Secretary Howard Lutnik said the Trump administration might announce a mechanism for reducing the 25% tariffs on Mexico and Canada.

Earlier data showed the US private sector added 77 thousand jobs in February, far below estimates of 141 thousand, and down from 186 thousand in January.

 The US ISM PMI rose to 53.5 in February from 52.8 in January, while analysts expected a drop to 52.5.

Now investors await the more important US payrolls report next Friday, expected to show the addition of 170 thousand new jobs in February. 

Otherwise, the dollar index fell 1.4% as of 20:04 GMT to 104.2, with a session-high at 105.7, and a low at 104.2.

On trading, gold spot prices rose 0.3% as of 20:05 GMT to $2929 an ounce.

The Energy Information Administration reported a buildup of 3.6 million barrels in US crude stocks last week to a total of 433.8 million barrels, while analysts expected a build of 0.2 million barrels.

Gasoline stocks fell by 1.4 million barrels to 246.8 million barrels, while distillate stocks fell 1.3 million barrels to 119.2 million barrels.