The US Energy Information Administration (EIA) showed today that the US crude inventories rose by 7.9 million barrels to reach a total of 534.4 million barrels during the past week, beating forecasts of a drop by 2 million.

The gasoline stockpiles fell by 700,000 barrels to a total of 255 million, while distillate stockpiles rose by 5.5 million barrels to a total of 164.3 million.

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories rose by 8.7 million barrels during same period.

Copper futures rose on Tuesday, as the US dollar fell against most currencies, with most countries around the globe reopening their economies.

Further countries continued reopening their economy to prevent more losses and an imminent deep recession after months of closure due to the coronavirus outbreak.

Concerns over the US-China tensions eased after President Donald Trump blamed Beijing of mishandling the coronavirus outbreak, which resulted in the death of thousands and infecting millions globally.

The dollar index fell against a basket of currencies by 0.3% to 98.8 points as of 13:37 GMT, after it hit a high of 99.09 and a low of 98.7.

Copper July futures rose 0.7% to $2.39 per pound as of 13:34 GMT, after hitting a session-high of $2.40 and a low of $2.38.

The major US stock indices rose on Thursday, despite weak data that reflected the severe coronavirus economic impact on the US.

Data showed today the US GDP shrank by 5% during the first quarter of this year, lower than forecasts of contraction by 4.8%. 

The durable goods orders reading fell by 17.7% in April, slightly higher than forecasts of a drop by 19%.

While the unemployment claims reached 2.123 million vs. 2.446 million, with the total unemployed in the US exceeding 40 million in just two and a half month.

As for stocks, Dow Jones rose 0.3% or 75 points to 25,623 as of 14:15 GMT, Nasdaq rose 0.3% or 29 points to 9,441, and S&P 500 rose 0.3% or 9 points to 3,045.

The US crude turned higher as the US market opened on Thursday,, after dropping earlier on the American Petroleum Institute's preliminary data of an unexpected build in the US crude inventories, and ahead of the EIA weekly report.

The US crude (WTI) rose 2.8% to $32.93 a barrel, after opening at $32.03 today, with a low of $31.16.

The US crude fell 6.1%% yesterday, on profit-taking from an 11-week high of $34.78 a barrel.

The American Petroleum Institute (API) revealed yesterday in preliminary data the US crude inventories rose by 8.7 million barrels during the week ending in May 22, beating than forecasts of a drop by 1.9 million barrels, with the total at 529 million barrels, which is the highest since the week ending June 23, 2017, 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 drop by 2.5 million barrels.

As for the production it fell 100,000 barrels to 11.5 million barrels per day, the lowest level since the week ending July 19, 2019.