The US Energy Information Administration (EIA) showed today that the US crude inventories fell by 2.1 million barrels to reach a total of 532.3 million barrels during the past week, beating forecasts of rising by 3.5 million.

The gasoline stockpiles rose 2.8 million barrels to a total of 257.8 million, and distillate stockpiles rose by 9.9 million barrels to a total of 174.3 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories fell by 483,000 barrels during same period.

The Bank of Canada announced today holding the interest rate at 0.25% unchanged, in the bank's efforts and policy to ease the coronavirus economic impact.

The bank stated that the economic data show the coronavirus impact on the global economy amid uncertainty about a potential recovery.

However, financial conditions have slightly improved and commodity prices rose in the last few weeks, after a wide-scale drop due to the health crisis, which signals a potential recovery after the economic reopening measures.

The Institute for Supply Management (ISM) revealed that the US non-manufacturing activity index started to improve after many companies start resuming business after closing for months due to the coronavirus.

However, the US economy reopening measures are still slow, which hints that the US economy is moving toward a deep recession.

The ISM non-manufacturing PMI rose to 45.4 points in May vs. 41.8 points in April.

Palladium futures rose on Wednesday, as civil unrest in several US cities and states continued, while the dollar fell against most currencies, but Palladium is still the $2,000 psychological threshold.

Protests and riots continued to escalate in several US states, which come after the killing of an African-American citizen at the custody of the local police that ignited the protests and and looting of shops due to the incident's racist origins.

While investors are focusing about the continued economic reopening measures and the easing of the coronavirus lockdown, after closing for several months and the loss of millions of jobs.

The dollar index fell against a basket of currencies by 0.2% to 97.5 points as of 13:22 GMT, after it hit a high of 97.6 and a low of 97.2.

Palladium June futures rose 1% to $1,954 an ounce, with a high of $1,954 and a low of $1,942.3.