The US Energy Information Administration (EIA) showed today that the US crude inventories rose 5.7 million barrels to reach a total of 539.2 million barrels during the past week, beating forecasts of a drop by 3.7 million barrels.

The gasoline stockpiles fell 4.8 million barrels to a total of 251.7 million, and distillate stockpiles rose 3.1 million barrels to a total of 177.3 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories rose 2 million barrels during same period.

Copper futures rose Wednesday, near the highest since last January, amid fears over supply disruptions in Chile and Chinese demand.

On the London Metal Exchange, copper has gained more than 40% after it hit a 45-month low in March, which was due to concerns over the coronavirus impact on global production.

The coronavirus continues to spread in Latin American countries, led by Brazil and Chile, which is impacting production and mining activities.

The Chilean Mining Minister stated that the mining workers health is a top priority for the government, which demands restrictions on mining operations.

Copper September futures rose 0.6% to $2.81 per pound as of 13:32 GMT, after hitting a session-high of $2.81 and a low of $2.78.

The major US stock indices rose on Wednesday, after yesterday's losses, lifted by the tech and energy sectors' gains.

This came despite Johns Hopkins University reporting that new cases of Covid-19 virus are still spiking in the US, with 60,000 confirmed cases in a single day.

White House officials stated that it would be a mistake to lockdown the economy and commercial activities again in the US.

The Trump administration issued a controversial announcement that international students in US universities and schools are forced to leave the country if their schools offer online classes.

As for stocks, Dow Jones rose 0.8% or 206 points to 26,097 as of 14:02 GMT, Nasdaq climbed 1.1% or 120 points to 10,464, and S&P 500 rose 0.8% or 25 points to 3,170.

Oil prices fell in European trade on Wednesday, to deepen losses for the second straight day, after the American Petroleum Institute showed in preliminary an unexpected surge in US crude inventories, which comes ahead of the EIA official report.

US crude fell 0.3% to $40.33, after opening at $40.47, and hit an intraday high of $40.71, Brent fell 0.4% to $42.77, after opening at $42.95, and hit an intraday high of $43.22.

American crude lost at yesterday’s settlement rate of 0.3%, due to corrections and profit taking operations, after recording the previous day the highest level in two weeks at $ 41.06 a barrel, and f

The US crude fell 0.3% yesterday, on profit taking from the 2-week high of $41.06 hit on the previous day, and Brent futures fell by 0.4%, after  jumping to the highest since June 23 at $43.68.

In addition to profit-taking, oil prices fell on Tuesday due to concerns over the spike in coronavirus infections in the US, and the reemergence of new cases in Australia.

The American Petroleum Institute (API) revealed yesterday in preliminary data the US crude inventories rose 2.05 million barrels during the week ending July 3, beating forecasts of a drop by 3.1 million barrels.

The total inventories rose 539 million barrels, 15% higher than the 5-year average, which is in a negative sign of the demand and consumption levels in the US.

While the US Energy Information Administration (EIA) will release today the official data on inventories and production levels in its weekly report, with forecasts for inventories to fall 3.2 million barrels.