The US consumer sentiment fell to its lowest level this year for August due to the US-China trade war escalation.

The University of Michigan consumer confidence index fell to 92.1 in August from 98.4 in July.

Baker Hughes released today the number of US oil rigs for this week, which rose by 6 to a total of 770.

While the number of natural gas rigs fell by 4 to 165, and the total oil and gas rigs rose by 1 to 935.

Oil prices rose today as dollar stabilized against most of currencies, while oil maintained its gains ahead of the release of the US drilling data.

As of 16:52 GMT, dollar held against a basket of currencies at 98 points, with a high of 98.2 points and a low of 97.9.

Baker Hughes will release later its  oil and natural gas drilling data for this week.

The markets are still cautiously monitoring the developments in the bond markets in addition to signs about global economic slowdown.

By 16:47 GMT, WTI rose by 0.6% to $54.7 a barrel, with a high of $55.6 and a low of $54.2.

Brent rose 0.7% to $58.6 a barrel, with a high of $59.5 and a low of $58.2.

US stocks opened higher today, shrugging off the global recession concerns and the ongoing US-China trade war.

Market's speculations around a near recession for the US economy mounted, especially after the US bonds yield curve inverted, which is a strong signal of a possible recession.

Former Fed chairwoman, Janet Yellen, sees that the yield curve inversion doesn't have to necessarily be a signal this time, while stating alongside with other Fed's members that the US economy is still strong.

The US economy revealed today that the housing starts fell by 4% to 1.191 million in July, while the building permits rose by 8.4% to 1.336 million.

By 06:04 GMT, Dow Jones rose by 1.2% or 330 points to reach 25,906, Nasdaq rose 1.7% (133 points) to 7,900, and S&P 500 rose by 1.5% or 42 points to 2,890.