Euro rose in European trade for another session against dollar as risk appetite improves in the markets. 

EUR/USD rose 0.2% to 1.1914, the highest since November 8, after closing up 0.4% yesterday, the largest profit in three weeks as political tensions in the US fade over the election results. 

The dollar index fell 0.2% on Wednesday, on track to touch a 12-week trough at 92.01.

Dollar's decline comes as haven demand tumbles on the greenback with sentiment improving in the US and stocks hit fresh record highs. 

A string of positive development news for the Covid 19 vaccines bolstered the markets, with hopes for approving and launching the vaccines before the year end. 

Outgoing president Donald Trump has formally agreed to start the transition process for President Elect Joe Biden, paving the way for Biden to take control on January 20. 

The American Petroleum Institute reported today in preliminary data that the US crude inventories rose 3.8 million barrels during the past week, missing forecasts of a rise by 100,000 barrels.

Gasoline stocks rose 1.3 million barrels, while the distillate stocks fell 1.8 million barrels.

While the Energy Information Administration will release its official report on Wednesday, which affects price movements.

The major US stock benchmarks closed higher on Tuesday, amid optimism over the transition of power in the US, with Dow Jones closing above its all-time high after surpassing the 30,000 barrier.

Wall Street was lifted after President Donald Trump gave the green light for the transition of power to the president-elect Joe Biden's team, which is considered as a main step in Trump's official conceding of the election.

The state of Pennsylvania declared Biden the winner in the votes recount, which increased the president-elect's lead over Trump.

The Conference Board's US consumer confidence index fell to 96.1 points in November vs. 101.4 points in October, missing forecasts of 97.7 points.

To the oil market, WTI crude December futures rose 4.3% or $1.85, and closed at $44.91 a barrel, after hitting a high of $45.2 and a low of $42.8.

Brent January futures rose 3.7% or $1.72, and closed at $47.78 a barrel, after hitting a high of $48.03 and a low of $45.8.

As for stocks, Dow Jones rose 1.5% or 55 points, and closed at 30,046, after hitting a day high of 30,116, and a low of 29,746.

Nasdaq rose 1.3% or 156 points to 12,036, with a high of 12,049 and a low of 11,863.

S&P 500 rose 1.6% or 58 points to 3,635, after hitting a high of 3,642 and a low of 3,594.

Gold futures closed lower on Tuesday, despite the US dollar's drop against most of its rivals and the release of weak data, as investors shifted to stocks.

Concerns about the transition of power in the US faded after the outgoing President Donald Trump gave the green light for the transition of power to the president-elect Joe Biden's team, which is considered as a main step in Trump's official conceding of the election.

The dollar index fell against a basket of currencies by 0.3% to 92.2 points as of 20:33 GMT, after it hit a high of 92.5 and a low of 92.1.

The Conference Board's US consumer confidence index fell to 96.1 points in November vs. 101.4 points in October, missing forecasts of 97.7 points.

Gold December futures fell 1.8% or $33.2, and closed at $1,804.6 an ounce, after hitting today's high at $1,836.9, and the low at $1,797.1.