The US Energy Information Administration (EIA) showed today that the US crude inventories rose by 800K barrels to reach a total of 447.9 million barrels during last week, beating forecasts of a rise by 2.8 million barrels.

The gasoline stockpiles rose by 5.4 million barrels to a total of 233.8 million barrels, and distillate stockpiles rose by 4.1 million barrels with a total of 123.6 million barrels.

The American Petroleum Institute (API) showed yesterday in preliminary data that the US commercial crude inventories rose by about 1.4 million barrels during same period.

Palladium prices rose during trading hours today, near the $1,900 per ounce threshold, amid concerns over production disruptions in South Africa as the country is facing a power outage crisis.

Palladium mining alongside other metals have stopped in South Africa, the world's largest supplier of platinum and the second largest of palladium.

This came after a blackout for the seventh straight day in South Africa, which has affected government facilities and the country's industrial activities.

Palladium continues to show a record-breaking run, due to the lack of supply and a surge in demand, as the metal is used in the manufacturing of car components that reduce exhaust and pollutant emissions.

Analysts at Citigroup forecast Palladium to advance further to fresh record highs and breach the $2,500 mark in the middle of 2020, due to supply shortages.

As for trading, palladium March futures surged 0.8% to $1,884.8 an ounce as of 14:25 GMT, and hit a session-high of $1,886.1 and a low of $1,865.

At 13:30 GMT, the US economy released it reading for the CPI for November, which rose by 0.3%, higher than forecasts of 0.2%, but lower than the previous reading of 0.4%. 

The core CPI reading (excluding food and fuel prices) rose by 0.2%, the same as the previous reading and forecasts. This data is considered positive for the US economy.

US stocks opened on Wednesday higher, as markets' focus shifted to the upcoming Federal Reserve's monetary policy decision.

White House chief economic adviser, Larry Kudlow, said that the tariffs hike against China is still "on the table" even before the middle of December.

The US Fed will unveil its interest rate decision, with most forecasts for the bank to hold the rates unchanged , and will be followed by Fed Chair Jerome Powell's press conference.

US data revealed today that CPI rose by 0.3% in November, higher than forecasts of 0.2%.

As for trading, Dow Jones rose by 0.1% or 16 points to 27,897 as of 15:03 GMT, Nasdaq rose by 0.4% or 34 points to 8,650, and S&P 500 rose by 0.2% or 6 points to 3,139.