The American Petroleum Institute (API) revealed today in preliminary data that the US crude inventories rose by about 6 million barrels during the past week, beating forecasts of 2.3 million barrels.

The gasoline inventories rose by 1.1 million barrels, while the distillate inventories fell by 2.3 million barrels during the same period.

The Energy Information Administration (EIA) will release the official data on Wednesday, which have a significant impact on oil prices movement.

Most of the US stocks rose on Tuesday, as investors shrugged off the coronavirus health crisis, pushing Nasdaq and S&P 500 to close at their records for the second straight session, which came after Federal Reserve Chairman Jerome Powell's testimony.

Fed Chair, Jerome Powell, said that he sees the monetary policy and the current interest rate are appropriate for economic growth during the semi-annual testimony before the House services committee, but warned of the potential risks and economic impact of the coronavirus outbreak.

The Chinese government revealed that the coronavirus has claimed more than 1,000 victims and over 42,000 were infected, however, a Chinese official said that the coronavirus health crisis is expected to be contained in April.

This came after US President Donald Trump said the rising temperatures will eliminate the coronavirus by April.

To the oil market, WTI crude gained 0.8% to close at $49.94 a barrel, after it hit a day high of $50.6 and a low of $49.5.

Brent rose by 1.1% to $54.01 a barrel, with a high of $54.6 and a low of $53.6.

As for stocks, Dow Jones held at 29,276, and hit an intraday high 29,415 and a low 29,210.

Nasdaq added 0.1% or 10 points to 9,639 points, with a high of 9,714 and a low of 9,617 points.

S&P 500 rose 0.2% or 5 points to close at 3,357 with a high of 3,375 and a low of 3,352.

The British pound rose against the US dollar on trading hours today, buoyed by improved risk appetite, as investors eschewed safe-havens.

A British minister stated that companies in the UK should start preparing for more regulatory restrictions and customs barriers for shipping their products to the European Union after the Brexit transitional period ends on December 31.

Investors risk appetite improved in assets such as stocks and currencies, after the concerns over the coronavirus eased, as the possibility for containing and eliminating the virus loomed, amid expectations for the crisis to end by April.

Whilst, che Chinese government revealed that the coronavirus has claimed more than 1,000 victims and over 42,000 were infected.

At 20:41 GMT, GBP/USD rose 0.3% to 1.2955, after hitting a day high of 1.2969 and a low of 1.2895.

Silver futures settled lower on Tuesday, as investor eschewed safe havens, including precious metals, after fears over the coronavirus eased.

President Donald Trump expressed his expectations that the coronavirus health crisis will end in April, as temperatures rise.

The Fed Chair Jerome Powell during semi-annual testimony before the House of Representatives stated that the Fed is mointring the developments and the economic impact of the coronavirus closely, adding that the current monetary policy is appropriate for economic growth in the US.

Otherwise, the dollar index fell against a basket of major currencies by 0.1% to 98.7 points at 20:36 GMT, after it hit a high of 98.9 and a low of 98.7.

Silver March futures shed 1.1% to close at $17.597 an ounce, after it closed higher by 0.5% yesterday, with today's high at $17.80 and the low of $17.55.