Oil prices fell on Wednesday, and pulled back from multi-year highs on profit-taking, amid global demand concerns after the IMF slashed its economic growth forecast for most major economies, in addition to expected hike in the US crude inventories for the third straight week.

US crude fell 0.8% to $79.91 a barrel, after opening at $80.57, and hit a low at $80.76, and Brent crude fell 0.5% to $82.68 a barrel, after opening at $83.08, and hit a low at $83.56.

The US crude gained 0.1% yesterday, in the fourth straight daily gain, after it hit a 7-year high at $82.15. 

Brent fell 0.5%, the first daily loss, after it hit the highest since October 2018 at $84.58.

The International Monetary Fund on Tuesday slashed its estimate for economic growth in the US and other major economies, and attributed that to concerns over the new wave of the coronavirus, and expectations it would halt the global economic recovery.

This raised concerns about the global demand for fuel during the last quarter of 2021, and about the widening supply deficit.

The American Petroleum Institute will release its preliminary report on the US crude inventories later today, and the US Energy Information Administration will release the official data on Wednesday.

Euro rose on Wednesday against a basket of major rivals away from 15-month lows on track for the first profit in three days, and as dollar demand declines ahead of major US inflation data.

EUR/USD rose 0.3% to 1.1560, with an intraday low at 1.1525.

Euro closed down 0.2% yesterday, the second loss in a row, marking 15-month lows at 1.1524 amid concerns about divergent US-European monetary policies. 

The dollar index fell 0.25% on Wednesday, on track for the first loss in three days away from 13-month highs at 93.56 on profit-taking,

Dollar demand has also slowed down for the time being as markets await more clues on the dateline of tightening US monetary policies.

Later today, US inflation data will be released, alongside the minutes of the last Federal Reserve's meeting, both will offer good clues on the expected path of monetary decisions in the US.

Silver prices fell on Tuesday, due to the US dollar's rise against most of its peers and the recovery of the market's risk appetite.

Investors are anticipating major companies to report their quarterly results for the third quarter starting this week.

The International Monetary Fund lowered today its estimate for global GDP growth by 0.1% to 5.9% in 2021, and kept its forecast for 2022 at 4.9%.

The IMF also lower its forecast for US GDP in 2021 by 1% to 6% from a growth by 7% in its previous estimate.

The dollar index rose against a basket of major currencies by 0.2% to 94.5 points as of 18:30 GMT, after hitting a high of 94.5 points and a low of 94.2 points.

Gold spot prices fell 0.6% to $22.5 an ounce as of 18:30 GMT, with a day high at $22.7, and a low at $22.3

US stock indices fell on Tuesday, after holding in early trading, as Dow Jones deepened its losses for the third straight session.

The International Monetary Fund lowered today its estimate for global GDP growth by 0.1% to 5.9% in 2021, and kept its forecast for 2022 at 4.9%.

The IMF also lower its forecast for US GDP in 2021 by 1% to 6% from a growth by 7% in its previous estimate.

Vice Chair of the US Federal Reserve Richard Clarida stressed that the US isn’t headed for the kind of "stagflation" that developed in the 70s of the last century.

Investors are anticipating major companies to report their quarterly results for the third quarter starting this week.

To the oil market, WTI crude November futures rose 0.2% or 12 cents, and closed at $80.64 a barrel.

Brent December futures fell 0.3% or 23 cents, and closed at $83.42 a barrel.

As for stocks, Dow Jones fell 0.3% or 117 points, and closed at 34,378, with a day high of 34,611, and a low of 34,318.

S&P 500 fell 0.2% or 10 points to 4,350, after hitting a high of 4,374 and a low of 4,342 points.

Nasdaq fell 0.1% or 20 points to 14,465, with a high of 14,552 and a low of 14,441.