European stocks rose in early trading on Wednesday, extending gains for the second straight session near the all-time record highs, as focus shifted to the corporate earnings season for the first quarter of this year, and following Wall Street's record gains yesterday.

The Stoxx Europe 600 index rose 0.3% as of 11:28 GMT, after closing higher by 0.1% yesterday.

The mining care sector saw the largest gains in Europe today, with a jump of more than 1.1%, followed by the tech sector's 1.0% rise.

LVHM stock rose more than 2.5%, after the French conglomerate specialized in luxury goods announced a large rebound in Q1 profits thanks to the rising US and Chinese demand for the company's products.

SAP shares rose more than 4% after the German software giant raised its revenue forecast for 2021, after making better-than-expected profits thanks to strong sales during the first quarter.

S&P 500 futures rose more than 0.1%, after the index closed higher by 0.15% yesterday and hit a new record high of 4,148.00.

Back to Europe, the Euro Stoxx 50 index rose 0.3%, France's CAC 40 rose 0.5% to its highest level since November 2000 at 6,217.7 points, and Germany's DAX index added less than 0.1%, while the UK's FTSE 100 rose 0.4%.

Oil prices jumped on Wednesday, to extend gains for the third straight day, and hit a 1-week high after a larger-than-expected drop in the US crude inventories according to preliminary data and ahead of the EIA weekly report.

US crude rose 1.4% to the highest level since April 5 at $61.28 a barrel, after opening at $60.44, and hit a low at $60.40, and Brent crude rose 1.3% to its 1-week high of $64.84 a barrel, after opening at $64.04, and hit a low of $63.90.

US crude gained 1.4% yesterday, and Brent crude futures rose 1.2%, in the second straight daily gain, as most dollar-denominated commodities and metals.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell by about 3.6 million barrels during the week ending April 9, beating forecasts of a drop by 2.9 million barrels.

The total commercial inventories fell to 494.2 million barrels, the lowest level since the week ending March 12, which is considered a positive sign of the US domestic demand.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to fall by 2.4 million barrels.

Oil prices continued to rise as the US market opened on Wednesday, to extend gains for the third straight day, and hit a 1-week high after a larger-than-expected drop in the US crude inventories according to preliminary data and ahead of the EIA weekly report.

US crude rose 1.4% to the highest level since April 5 at $61.28 a barrel, after opening at $60.44, and hit a low at $60.40, and Brent crude rose 1.3% to its 1-week high of $64.84 a barrel, after opening at $64.04, and hit a low of $63.90.

US crude gained 1.4% yesterday, and Brent crude futures rose 1.2%, in the second straight daily gain, as most dollar-denominated commodities and metals.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell by about 3.6 million barrels during the week ending April 9, beating forecasts of a drop by 2.9 million barrels.

The total commercial inventories fell to 494.2 million barrels, the lowest level since the week ending March 12, which is considered a positive sign of the US domestic demand.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to fall by 2.4 million barrels.

The US production fell 200 thousand barrels last week, with a total of 10.9 million barrels per day.

USD/JPY tilted lower in Asian trade away from March 2020 lows, following earlier data from Japan and ahead of US data later today.

As of 07:05 GMT, USD/JPY fell 0.15% to 108.90, with a three-week low at 108.75. 

From Japan, machine orders fell 8.5%, compared to a 4.5% drop in January.

From the US, import prices are expected up 1% in March, while Fed Chair Jerome Powell is due to speak at the Economic Club of Washington, via satellite. 

The Federal Reserve will release the Beige Book today, which is used by the FOMC to help make their next decision on interest rates. However, it tends to produce a mild impact as the FOMC also receives 2 non-public books - the Green Book and the Blue Book - which are widely believed to be more influential to their rate decision

Federal Reserve Bank of Atlanta President Raphael Bostic will participate in a panel discussion about redesigning cities to tackle systemic racism at an online event hosted by the Georgia Tech School of Architecture.