The Energy Information Administration reported today that the US crude inventories fell 3.5 million barrels to 414 million barrels during the past week, while analysts forecast a drop by 3.8 million barrels.

Gasoline stocks rose 3.5 million barrels to 221.6 million barrels, and the distillate stocks fell 2.6 million barrels to 129.3 million barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 6.1 million barrels during the same period.

US stock indices rose in early trading on Wednesday, ahead of the Federal Reserve's decision.

The US Federal Reserve's decision will be later today and will be followed by a press conference from the Fed Chief Jerome Powell to comment on monetary policy.

Powell has hinted at reducing the size of the Fed's asset purchases before the end of the year.

Evergrande's real estate crisis continues to grow, which faces a disastrous debt default scenario, which could destabilize many economic sectors in China.

Otherwise, the US House of Representatives passed a bill to avoid government shutdown and suspended the debt limit.

As for stocks, Dow Jones rose 1% or 346 points to 34,266 as of 14:19 GMT, and S&P 500 rose 0.8% or 35 points to 4,390, while Nasdaq rose 0.7% or 97 point to 14,834.

The US dollar rose on Wednesday against a basket of major currencies, ahead of the Federal Reserve's monetary policy decisions, which is expected to provide cues on the chances of a near monetary policy tightening and scaling back the bond purchase program.

The dollar index rose 0.1% to 93.29 points, after opening at 93.22 points, and hit an intraday low at 93.15 points.

The greenback lost 0.1% yesterday, the second straight daily loss, due to profit-taking from a 4-week high 93.45 points.

The US Federal Reserve's monthly meeting will conclude later today, amid expectations of holding the benchmark interest rate near zero.

The decision will be reveled at 18:00 GMT, and will be followed by a press conference from the Fed Chief Jerome Powell at 18:30 GMT to comment on monetary policy.

The meeting is expected to offer some clues on the pace of cutting down the bonds purchases program before the end of this year.

Oil prices continued to rise as the US market opened on Wednesday, for the second day in a row, after the release of preliminary data that showed a drop  in the US crude inventories, and ahead of the EIA's weekly report.

US crude rose 1.3% to $71.78 a barrel, after opening at $70.83, and hit a low at $70.67, and Brent crude rose 1.4% to $74.54 a barrel, after opening at $74.54, and hit a low at $74.51.

The US crude gained 0.4% yesterday, and Brent crude rose 0.8%, in the first gain in 3 days, as most dollar-denominated commodities rose.

The American Petroleum Institute reported in preliminary data that the US crude inventories fell 6.1 million barrels during the week ending September 17, while analysts forecast a drop by 3.8 million barrels.

The total US commercial inventories fell to 418.5 million barrels, which is the lowest level since the week ending September 27, 2019, in a positive sign of the US domestic demand.

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 3.3 million barrels.

While the US output rose 100,000 barrels last week, with the total at 10.1 million barrels per day, a less-than-expected rise, as producers in the Gulf of Mexico are still suffering from Hurricane Ida's damages.