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. 

Gold prices rose on Tuesday, as the US dollar fell against most of its peers following the release of the US inflation data.

The US Food and Drug Administration called for a pause on Johnson & Johnson vaccine after six rare clotting cases were reported after taking the vaccine, which poses a danger to their lives.

While the World Health Organization warned about increased Covid-19 infections after the global death toll rose near 3 million cases.

Data showed that the US consumer price index rose by 0.6% during the past month, in the largest monthly jump since August 2012, beating forecasts of a 0.5%.

The dollar index fell against a basket of major currencies 0.2% to 91.9 points as of 17:43 GMT, after hitting a high of 92.3 points and a low of 91.8 points.

Gold June futures rose 0.9% or $14.90, and closed at $1,747.6 an ounce, with a high of $1,749.5 and a low of $1,723.2.