Oil prices fell marginally in the European market on Wednesday, after hitting biggest daily gain since January yesterday, as prices are still poised for further gains as tensions in the Persian Gulf continue to worsen. whilst concerns about the United States and China trade war have relatively eased, and after US crude inventories fell, according to preliminary data from the American Petroleum Institute.

By 09: 54 GMT, US crude dropped to $53.85 per barrel from the opening of $54.08, with a high of $54.36 and a low of $53.70.

Brent crude fell to $61.80 per barrel from the opening of $62.40, with a high of $62.51 and a low of $61.56.

US crude gained 4.1% in yesterday's trading, the third gain in four days, with the biggest daily gain since January, and Brent crude futures rose up by 2.1%.

Tensions in the Gulf region remain high, especially after recent attacks on oil tankers last week. US President Donald Trump said that he is ready to take military actions to prevent Iran from acquiring a nuclear bomb, but left the question open on whether he would agree to use force to protect Gulf oil supplies.

Fears of possible military confrontations between Iran and the United States have mounted since last Thursday's attacks on two giant oil tankers in the Sea of ​​Oman, where Washington has directly blamed Tehran, and Iran has strongly denied involvement.

Iran threatened this week to violate the internationally agreed restrictions on uranium enrichment and the development of its nuclear weapons and gave 10 days to European countries to salvage the historic nuclear deal.

On the other hand, trade concerns between the United States and China have relatively eased, especially with Donald Trump's assertion that preparations have been made for his meeting with Chinese President Xi Jinping at the G20 summit in Osaka, Japan, next week.

In preliminary data, the American Petroleum Institute announced yesterday that the US trade inventories fell by more than 0.8 million barrels during the week ending June 14, the first decline in the last three weeks, while experts expected a decline of about 2 million barrels.

Traders are looking for the official data on the trade inventories and production levels later today in the weekly report of the US Energy Agency.

Bitcoin rose in spot trading today to resume its gains, which were temporarily suspended yesterday on correction and profit taking, approaching the highest level in 13 months, to trade above the psychological barrier of $9,000, while prices are likely going to breach the important barrier of $10,000 amid the positive atmosphere that dominates the crypto market.

As of 08:55 GMT, at Bitstamp, Bitcoin is trading around $9,150, up by $74, or 0.8%, from the opening price of $9076, with the highest at $9211, and the lowest at $9036.

Yesterday, Bitcoin lost 2.75%, the first loss in seven days, due to correction and profit taking, after the leading cryptocurrency in the market recorded a 13-month high of $9,477 the previous day.

The market value of cryptocurrencies fell on Wednesday rose by about $6 billion to a total of $287 billion, with most of the major cryptocurrencies in the market rising led by Bitcoin.

The market value hit $291 billion earlier in Tuesday, with the highest level since late July 2018. With the rally resuming, the market value could easily exceed $300 billion.

The bullish market run that has dominated the world's largest cryptocurrency trading since early April, which made it reach a 125% gain so far, due to strong investment demand and increased interest from institutional investors.

Prices are currently holding higher above the psychological barrier of $9,000, in a positive sign of the resumption of the recent rally, as prices are still strongly expected to reach the important psychological barrier of $10,000 amid  the positive atmosphere that currently dominates the crypto market.

Especially after Facebook released earlier on Tuesday, the white paper for its long-awaited project of the encrypted financial infrastructure based on the technology of Blockchain.

Facebook launched the name Libra on its cryptocurrency, which is set to support a range of assets to give them intrinsic value to mitigate sharp price volatility, including a basket of bank deposits and short-term government securities.

Facebook has assembled the largest payment and technology companies, which wish to invest $10 million each in the Libra project, including Visa, MasterCard, PayPal and Uber.

On the other hand, "MoneyGram" revealed on Tuesday that it entered into a strategic partnership with Ripple for Blockchain-based payments.

The British economy released at 08:30 GMT, its annual reading for the consumer price index for May, which rose by 2.0%, in line with expectations, while lower than the previous reading a rise by 2.1%.

The annual consumer price index excluding energy and food rose by 1.7%, better than expectations for a 1.6% rise, while lower than the previous reading of 1.8%, which is a negative sign for the British economy.

The British economy released at 08:30 GMT, its monthly reading for the input PPI at 0.0% in May, lower than the experts' forecasts of a 0.2% rise, and worse than the previous reading of a 1.1% rise, this statement is negative for the British economy.