The American Petroleum Institute reported today in preliminary data that the US crude inventories rose 2.6 million barrels during the past week, while analysts forecast a drop by 2.5 million barrels.

Gasoline stocks rose 1.1 million barrels, and the distillate stocks rose 816K barrels.

While the Energy Information Administration's official report got delayed until Friday due to an official holiday in the US last Monday.

US stock indices closed higher on Wednesday, and hit new record highs after the inauguration of President Joe Biden.

President Biden stated during his inauguration speech that the American people must unite and overcome differences and divisions.

Former US President Donald Trump gave a farewell speech upon leaving the White House and wished Biden's administration success and safety and stability for the country.

To the oil market, WTI crude February futures rose 0.5% or 26 cents, and closed at $53.24 a barrel, after hitting a day high of $53.7 and a low of $53.06.

Brent March futures rose 0.3% or 18 cents, and closed at $56.08 a barrel, after hitting a high of $56.6 and a low of $55.9.

As for stocks, Dow Jones rose 0.8% or 257 points, and closed at 31,188 points, with a day high of 31,235 and a low of 30,997 points.

Nasdaq rose 2% or 260 points to 13,457, after hitting a day high of 13,486 and a low of 13,329 points.

S&P 500 rose 1.4% or 53 points to 3,851 points, after hitting a day high of 3,859 and a low of 3,816 points.

The British pound inched higher against the US dollar on Wednesday, following Bank of England Governor Andrew Bailey's statements.

Bailey said that the impact of the Covid-19 pandemic on the British economy have begun to recede and there are signs on that, adding that the economy is coping with the lockdown measures.

Bailey said that the UK economy was able to mitigate the lockdown measures, compared to the damages of last year.

Bearing in mind that British Prime Minister Boris Johnson earlier this month re-imposed lockdown restrictions in the country until mid-February to curb the coronavirus outbreak.

As of 19:43 GMT, GBP/USD rose 0.1% to 1.3644, after hitting a high of 1.3719, and a low of 1.3623.

Silver futures closed higher on Wednesday, as the US dollar held against most of its counterparts after the inauguration of US President Joe Biden.

Biden stated during his inauguration speech that the American people must unite and overcome differences and divisions, and called on citizens to wear masks to prevent the coronavirus.

Markets are anticipating the decisions Biden will take, amid reports that he intends to cancel some of his predecessor Trump's decisions including rejoining the climate change agreement and the World Health Organization, in addition to canceling the construction of the US-Mexico border wall.

The dollar index held against a basket of major currencies at 90.4 points as of 20:46 GMT, after hitting a high of 90.7 points and a low of 90.2 points.

Silver March futures rose 1.8% or 45 cents, and closed at $25.766 an ounce, after closing higher by 1.8% yesterday, with today’s high at $25.945, and the low at $25.060.