The American Petroleum Institute (API) revealed today in preliminary data that the US crude inventories rose by about 5.9 million barrels during the last week, higher than forecasts of 1.6 million barrels.

The gasoline inventories rose by 3.35 million barrels, and the distillate inventories rose by 2.2 million barrels during the same period.

While the Energy Information Administration (EIA) will release the official data on Wednesday, which have a significant impact on oil prices movement.

Wall Street wavered between positive and negative territory on Tuesday, amid renewed worries over the US-China trade talks and ahead of the Federal Reserve's meeting minutes.

President Donald Trump threatened to increase tariffs against Chinese imports, if Beijing does not sign the first phase of the trade deal.

Which contradicts with earlier positive remarks by Trump and White House officials about progress in talks with China to resolve the trade dispute.

Otherwise, the US House of Representatives passed a bill to maintain funding the federal government to December 20 to avoid partial government shutdown.

The US Department of Housing showed today that the building permits rose to 1.46 million in October, and the housing starts rose to 1.31 million.

To the oil market, West Texas Intermediate (WTI) shed 3.2% and closed at $55.21 a barrel, and hit a session-high $57.1, and a low of $55.5.

Brent fell by 2.5 % to $60.91 a barrel, with a high of $62.5 and a low of $61.1.

As for stocks, Dow Jones lost 0.3% or 102 points and closed at 27,934, with an intraday high of 28,090 and a low of 27,894.

Nasdaq rose by 0.2% or 21 points to 8,570, with a high of 8,589 and a low of 8,536.

S&P 500 fell by 0.1% or 2 points to 3,120, and hit a high of 3,127 and a low of 3,113.

The British pound retreated today amid lingering uncertainty over the UK's early general election set for next month, in addition to renewed concerns over the US-China trade war.

Brexit Party leader Nigel Farage said that he expects the Conservative Party to win the parliament majority in the next election at December 12.

Farage added that PM Boris Johnson might bag a slight majority, but the Conservatives will likely vote on his exit deal from the EU at January 31.

Otherwise, US President Donald Trump renewed his threats to increase tariffs against Chinese goods, if China didn't sign the first phase of the trade agreement.

As for trading, GBP/USD fell by 0.2% to 1.2925 as of 20:22 GMT, the pair hit an intraday high of 1.297 and a low of 1.291.

The US dollar held steady against most major currencies today despite President Donald Trump's tariffs threats against China.

President Donald Trump threatened to increase tariffs against Chinese imports, if Beijing does not sign the first phase of the trade deal.

Which came amid Chinese concerns about Trump's tough stance toward canceling the Chinese tariffs or even the planned hike.

Otherwise, the Federal Reserve meeting minutes will be released tomorrow, amid investors anticipation for insights about the meeting that resulted in the third rate cut in 2019.

Fed Chair Jerome Powell said that the Fed will hold rate cuts in the near-term to assess implications of this year's three cuts on the US economy.

The dollar index held against a basket of major currencies at 97.8 points as of 19:07 GMT, and hit an intraday high of 97.8 and a low of 97.7.