The Energy Information Administration reported today that the US crude inventories rose 6.1 million barrels to 427 million barrels during the past week, while analysts forecast a drop by 0.5 million barrels.

Gasoline stocks fell 2 million barrels to 223.1 million barrels, and the distillate stocks held at 129.3 million barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories rose 5.2 million barrels during the same period.

US stock indices rose in early trading on Thursday, after the release of strong economic data, as the unemployment claims fell below 300,000 for the first time since the pandemic.

The US Department of Labor revealed that the number of initial unemployment claims was at 293K last week from 329K, lower than forecasts of 315K.

The producer price index rose 0.5% in September, missing forecasts of 0.6%, while the core reading of the same index rose 0.2%, missing forecasts of 0.5%.

The Federal Reserve meeting minutes showed that the central bank's members discussed a plan to reduce asset purchases by $15 billion per month.

The Fed members expected the central bank to start cutting the pandemic bond-buying program starting Mid-November.

As for stocks, Dow Jones surged 1.2% or 410 points to 34,787 as of 14:18 GMT, and S&P 500 rose 1.3% or 58 points to 4,422, while Nasdaq rose 1.4% or 211 points to 14,785.

At 12:30 GMT, the US Department of Labor showed that the unemployment claims were at 293K during the week ending in October 8, the lowest reading since March 2020, better than forecasts of 315K, and better than the previous reading of 329K. This data is positive for the US economy.

Oil prices continued to rise as the US market opened on Thursday, for the second day in a row, rising near multi-year highs, thanks to record natural gas prices, but today's gains are curbed by a build in US crude inventories, according to preliminary data of the American Petroleum Institute, and ahead of the Energy Information Administration's official report later today.

US crude rose 1.4% to $81.63 a barrel, after opening at $80.53, and hit a low at $80.43, and Brent crude rose 1.1% to $84.42 a barrel, after opening at $83.46, and hit a low at $83.20.

The US crude gained less than 0.1% yesterday, resuming gains after taking a pause due to profit-taking from a 7-year high of $82.15, and Brent crude rose 0.2%, near its 3-year high of $84.58 a barrel.

Oil prices are rising due to growing fears over a market deficit, especially after OPEC Plus alliance's recent decision to keep its current production policy without any new production hikes.

Meanwhile, global demand for oil is growing, especially due to the global shifting from gas to oil, after the recent record spike in natural gas prices.

The American Petroleum Institute reported in preliminary data that the US crude inventories rose 5.2 million barrels to 429 million barrels during the week ending October 8, which is the highest level since the week ending September 3, while analysts forecast a rise by 0.7 million barrels.

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 1.1 million barrels.

While the US output rose 200,000 barrels last week, with the total at 11.3 million barrels per day, which is the highest level since the week ending August 27.