American Petroleum Institute (API) released preliminary data today which showed that US oil inventories rose by about 3.7 million barrels last week, beating forecasts of a decline by 2.7 million barrels.

Gasoline inventories rose by 3.7 million barrels last week, while distillate inventories fell by 1.3 million barrels.

The official data on oil inventories will be released tomorrow by the US Energy Information Administration (EIA).

US stocks jumped today as the trade war concerns eased after positive statement from the US Treasury Department.

The US Treasury Department announced today that President Trump's administration decided to delay the tariffs increase on several Chinese imports until mid-December instead of September 1st.

Additionally, the Department intends to cancel tariffs on several other imports, but has not specified them.

US government released the consumer price index data, which rose by 0.3% last month, higher than forecasts of 0.2%.

In oil market, WTI rose by 4% to close at $57.10 per barrel, with a 

high (highest close since July 31) at $56.7 and a low of $54.2.

Brent jumped by 4.7% to close at $61.3 per barrel, with a high of $61.5 and a low of $58.

Dow Jones rose by 1.4% or 372 points to close at 26,280 points, with a high of 26,427 and a low of 25,833.

Nasdaq rose 1.9% or 153 points to 8,016 points, with a high of 8,065 and a low of 7,851 points.

S&P 500 rose by 1.5% or 42 points to 2,926 points, with a high of 2,943 and a low of 2,877.

Silver closed lower today as dollar rose against a basket of currencies  due to the ease of the trade war concerns.

Trump’s administration decided to delay the tariffs increase on several Chinese imports until mid-December.

Additionally, the US Treasury Department canceled tariffs on several other imports, and Trump commented that the decision is due to the Christmas season.

As of 19:42 GMT, dollar rose against a basket of major currencies by 0.4% to 97.7 points, with a high of 97.8 and a low of 97.3.

Silver futures (September delivery) fell by 0.5% to $16.985 per ounce, with a high of $17.49 and a low of $16.51.

Gold closed lower today, retreating from earlier gains as dollar rose against most major currencies due to the ease of the trade war concerns.

Trump’s administration decided to delay the tariffs increase on several Chinese imports until mid-December.

Additionally, the US Treasury Department canceled tariffs on several other imports, and Trump commented that the decision is due to the Christmas season.

As of 19:00 GMT, dollar rose against a basket of major currencies by 0.4% to 97.7 points, with a high of 97.8 and a low of 97.3.

Gold futures fell by 0.2% to close at $1514.10 per ounce, with a high of $1546.10 and a low of $1488.9.