The US Energy Information Administration (EIA) revealed today that the US commercial crude oil inventories increased by 2.9 million barrels during last week, to a total of 425.6 million, surpassing forecasts of 2.4 million.

Otherwise, the gasoline inventories fell by 1.2 million to a total of 228.8 million barrels, while the distillate inventories fell by 3.9 million to 127.3 million barrels.

While yesterday, the American Petroleum Institute (API) revealed in preliminary data that the inventories rose by 4.1 million barrels.

US stocks rose today as the market closely anticipates the release of the US Federal Reserve meeting minutes later today.

Market experts are eager to gain insight on the Fed's last meeting, which resulted in the second US rate cut since the 2008 global financial crisis.

Otherwise, a new round of the US-China trade talks will launch on next Thursday in Washington, in attempts to end the ongoing raging trade war between the world's two largest economies.

The US Federal Reserve Chairman Jerome Powell stated yesterday  that the current US economic expansion and growth can be sustained, and inflation is near the Fed's target, but the global developments are posing risks.

Dow Jones gained 0.6% or 150 points to 26,312 points as of 14:52 GMT, Nasdaq rose by 0.9% or 70 points to 7,893, and S&P 500 rose by 0.7% or 21 points to 2,913.

Gold prices stabilized in a limited range during the European session today, as the market pulled back ahead of a speech by the US Fed Chair Jerome Powell and the release of the FOMC meeting minutes, which may offer insight on the future of the US rate cuts.

Gold prices traded around $1,503.55 an ounce as of 10:35 GMT, from the opening of $1,505.46, with a session-high of $1,511.39 and a low of $1,499.88.

Gold closed higher by 0.8% yesterday, on increased haven demand due to the growing tensions between the USand China ahead of a new trade talks round.

The US Federal Reserve Governor, Jerome Powell by 15:00 GMT, will deliver a speech in a panel discussion at a Fed Listens event hosted by the Federal Reserve Bank of Kansas City.

By 18:00 GMT, the minutes of the Federal Open Market Committee (FOMC) meeting which was held at September 17-18 will be released, as the meeting saw the second US interest rate cut during this year by 25 basis points to 2.0%.

Additionally, investors are anticipating today another statements by Chairman Jerome Powell for more proof on the odds of the continued easing of US monetary policy and which may also offer insight on the potential third rate cut this year.

Gold holdings at the SPDR Gold Trust, remained unchanged yesterday for the fourth consecutive day with a total of 923.76 metric tons.

The global markets are anticipating the release of the US Federal Reserve meeting minutes later today, which will carrie with it the details that led to US second straight rate cut this year in addition to clear signes about the future of the policy easing during this year.

By 18:00 GMT, the minutes of the Federal Open Market Committee (FOMC) meeting which was held at September 17-18 will be released, as the meeting saw the second US interest rate cut during this year.

The the benchmark rate cut came after 7 members voted against 3 for a quarter point to between 1.75% and 2.00%, and the bank stated that the cut is due to risks posed by global developments and weak inflation.

Fed Governor Powell, said that the US economy is in an overall good place and labor market is still strong and that rate cuts are a precautionary measure to stimulate growth, noting that the Fed's future decisions will besd on the monitoring of the incoming economic data.

While in case of the meeting minutes showed more-than-expected pessimistic details about the US economy, the odds for further easing of the monetary policy and the future of the US rate cuts will then increase for the next October and December meetings, marking a 4-cut cycle during this year, and the US dollar will be then poised for a sharp downtrend.

But in case of the details are less pessimistic with confirmation of the US economic strength, then odds will shift to the possibility of a third rate cut this year, which is in favour of the US dollar.

Bearing in mind that President Trump has been repeatedly requesting from the Fed and Chairman Jerome Powell for deeper interest rate cuts.