The American Petroleum Institute (API) revealed in preliminary data that the US crude inventories rose by 4.1 million barrels during last week, beating forecasts of 2.4 million.

The gasoline inventories fell by 5.9 million barrels, and the distillate inventories fell by 4 million barrels.

While the EIA will release the official data tomorrow, which sharply impacts oil prices.

US stocks closed a volatile day of trading on Tuesday to deepen losses as investors struggled with mounting concerns about the US-China trade war, following Fed Chair Jerome Powell's remarks.

The US administration announced the blacklist of 28 Chinese companies and put visa restrictions on Chinese officials to enter the US due to Beijing’s human rights violations and the abuse of Muslim ethnic minorities.

Otherwise, the US producer price index (PPI) fell by 0.3% in September, which came worse than forecasts of a rise by 0.1%.

The US Federal Reserve Chairman Jerome Powell stressed that the US economy growth can be sustained and inflation is near the Fed's target at 2% despite the global risks.

Which comes amid a division between the Fed's members on the further rate cuts, after it was cut twice this for first time since the 2008 global financial crisis.

Powell added that the Fed will purchase treasury bills to increase liquidity and ease restrictions to increase banks' reserves.

In the oil market, WTI fell by 0.2% to close at $52.63 a barrel, with a season-high of $53.2 and a low of $51.8.

Brent fell by 0.2% to $58.24 a barrel, with a high of $58.9 and a low of $57.3.

Dow Jones lost 1.2% or 314 points to close at 26,164 points, with an intraday high of 26,421 points and a low of 26,139 points.

Nasdaq also shed 1.6% or 123 points to close at 7,823 points, with a high of 7,921 points and a low of 7,823 points.

S&P 500 fell by 1.5% or 45 points to close at 2893 points, with a high of 2925 points and a low of 2892 points.

The Japanese yen rose slightly against US dollar during trading today, which saw an increased haven demand, as investors take shelter from fears about the US-China trade war escalation.

The US administration has the blacklist of 28 Chinese companies over Beijing’s human rights violations and the abuse of Muslim ethnic minorities.

The Chinese government urged the removal of these sanctions and called on the US to stop interfering in the country's internal affairs, noting that Beijing do not meddle in another nation's internal politics.

Which comes ahead of the upcoming trade talks round between the two countries on next Thursday and Friday.

The Japanese economy revealed today that current account reading showed a surplus of 1.72 trillion yen in Sept, and the household spending rose by 1% more than forecasts of rise by 0.9%.

By 19:18 GMT, USD/JPY fell by 0.1% to 107.1, with a session-high of 107.4 and a low of 106.8.

Oil prices fell today to extend losses amid concerns about the US-China trade war escalation, which sequentially lowers oil demand.

Later today, the American Petroleum Institute (API) will release preliminary data on US crude inventories, while the official data will be released tomorrow by the US Energy Information Administration (EIA).

The US administration announced the blacklist of several Chinese tech companies over Beijing’s human rights violations and the abuse of Muslim ethnic minorities, which comes ahead of a new round of the trade talks this week.

As of 16:39 GMT, the dollar index rose by 0.2% to 99.1 points, with a session-high of 99.2 and a low of 98.8 points.

WTI fell by 1.2% to $52.09 a barrel as of 16:34 GMT, with a high of $53.2 and a low of $51.8.

Brent fell by 1.2% to $57.6 a barrel, with a high of $58.9 and a low of $57.3.