The US Energy Information Administration reported today that crude inventories fell 700,000 barrels to 488.0 million during the past week, while analysts forecast a drop by 1.7 million barrels.

Gasoline stocks rose 3.5 million to 233.6 million barrels, and distillate stocks rose 3.2 million to 145.9 million barrels.

While the American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose 4.1 million barrels during the same period.

The US dollar fell against most of its peers on Wednesday after the release of disappointing economic data.

ADB data showed today that the US private sector added 307K new jobs in November after adding 407K in October, missing forecasts of 433K.

The data comes two days ahead of the US Labor Department's monthly jobs report for November, amid forecasts that the US jobs market will continue to recover from the coronavirus pandemic.

The United Kingdom announced today granting of a license to Pfizer and BioNtech for the emergency distribution of their Covid-19 virus vaccine.

The administration of the outgoing US President Donald Trump is also preparing to distribute two vaccines ahead of Christmas holidays.

The dollar index fell against a basket of major currencies by 0.1% to 91.1 points as of 18:44 GMT, after hitting a high of 91.5 points and a low of 91.1 points.

US stock indices opened lower on Wednesday, after the release of weak economic data, as Nasdaq and S&P 500 pulled back from their record highs.

ADB data showed today that the US private sector added 307K new jobs in November after adding 407K in October, missing forecasts of 433K.

The United Kingdom announced today granting of a license to Pfizer and BioNtech for the emergency distribution of their Covid-19 virus vaccine.

The World Health Organization stated that it is reviewing Pfizer's request to allow emergency use of its vaccine.

As for stocks, Dow Jones fell 0.2%or 70 points to 29,755 as of 15:00 GMT, Nasdaq fell 0.6% or 80 points to 12,275, and S&P 500d dipped 0.2% or 6 points to 3,655.

Oil prices rose during on Wednesday, to extend gains after the US inventories data showed a drop.

The US Energy Information Administration reported today that crude inventories fell 700,000 barrels to 488.0 million barrels during the past week, while analysts forecast a rise by 1.7 million barrels.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose 4.1 million barrels during the same period.

The dollar index fell against a basket of major currencies by 0.1% to 91.1 points as of 17:18 GMT, after hitting a high of 91.5 points and a low of 91.1 points.

Bloomberg quoted sources that OPEC and its allies are making tangible progress in their talks for an agreement on delaying the planned hike in production.

As of 17:15 GMT, WTI crude January futures rose 3% to $45.8 a barrel, after hitting a high of $45.9 and a low of $43.9.

Brent January futures rose 2.7% to $48.7 a barrel, after hitting a high of $48.7 and a low of $46.8.