The US Energy Information Administration (EIA) showed today that the US crude inventories rose by 2.2 million barrels to reach a total of 449 million barrels during last week, higher than forecasts of 1 million.

The gasoline stockpiles rose by 1.9 million barrels to a total of 219.1 million barrels, and distillate stockpiles declined by 2.1 million barrels with a total of 116.7 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that the US commercial crude inventories fell by about 500K barrels during same period.

The British pound steadied against the US dollar during the European session on Thursday, as investors avoided building new positions ahead of the release of key data about UK retail sales during October, which provide insight about the British economy growth pace during Q4 this year.

GBP/USD held at $1.2844 as of 07:58 GMT, after opening at $1.2848, with an intraday high of $1.2856 and a low of $1.2825.

Sterling ended flat against the US dollar yesterday, for the second straight day amid quite trading after it has posted robust gains on Monday.

Over the course of this week, the pound has gained 0.5% against the dollar so far, after the Brexit party reinforced PM Boris Johnson's endeavours before the early elections in December 12.

The Brexit party leader, Nigel Farage, said that he does not want the anti-Brexit parties to win, so his party will not compete on the seats won by Conservatives in the 2017 election.

Investors are awaiting the release of the UK's retail sales for October, which provide insight about the British economy growth pace during the fourth quarter as the retail sales reading is one of the most important gauges of consumer spending that accounts for 70% of the GDP, especially after posting weak growth during Q3,.

The UK retail sales monthly reading is expected to rise by 0.2% in October vs. 0.0% in September, and the core reading (excluding cars sales) is expected to rise by 1.7% unchanged from the previous reading.

US stocks steadied in early trading on Thursday, near their recent record highs after the release of disappointing data, as the market is keeping an eye on any developments in the trade talks.

The US Fed Chief Jerome Powell said in his congressional hearing yesterday that the current economic growth is in good shape, adding that the Fed will hold rate cuts in the near-term after this year's three cuts to assess their implications on the US economy.

Otherwise, the market's analysts are eagerly waiting for any tangible results from the trade talks, especially reported hurdles according sources close to the talks about China pledge for increasing its purchases of US farm goods.

Data showed today, that the number of unemployment claims in the US increased by 14K to a total of 225K last week (the highest since June), while the PPI rose by 1.1% in October (the slowest pace of growth in 3 years).

As for trading, Dow Jones slipped 0.1% or four points to 27,787 as of 15:12 GMT, and Nasdaq fell by 0.1% or 7 points to 8,475, while S&P 500 held at 3,093.

Nickel prices fell today after news emerged that Indonesian authorities  are investigating local smelter operators for alleged monopoly practices, ahead of the country's full ban on nickel ore exports that is due to take effect starting from next January.

The investigation launched after a complaint by the Indonesian nickel miners association a few months ago against two giant smelters controlling 60% of the domestic nickel ore and manipulate prices.

The complaint added that these practises are harmful to the nickel market, especially ahead of the exports ban decision that will take effect starting from next January until 2022.

The Indonesian Ministry of Mining is revising several rules that govern the nickel ore prices in the country to make sure that smelters do not manipulate prices.

As for trading, nickel prices fell by 0.5% to $15,408.1 per tonne as of 14:21 GMT, with an intraday high of $15,524.