The Energy Information Administration reported a buildup of 500 thousand barrels in US crude stocks to 448.5 million barrels last week, while analysts expected a build of 1.2 million barrels. 

Gasoline stocks rose 1.8 million barrels to 232 million barrels, while distillate stocks fell 0.5 million barrels to 115.3 million barrels. 

US stock indices declined on Wednesday after disappointing corporate results.

Microsoft recently announced strong quarterly results in the last three months of 2022 from computing earnings, while Boeing missed expectations. 

Dow Jones fell 0.8%, or 270 points as of 15:19 GMT to 33,460, as S&P 500 shed 1.3%, or 53 points to 3,964, while NASDAQ gave up 2%, or 102 points to 11,103. 

Bank of Canada announced today a rate hike of 25 basis points to 4.5% as expected by the markets.

Canada's inflation recently hit 6.3% y/y in December, showing signs of slowing down.

Nickel prices rose on Wednesday as dollar fell against a basket of major rivals and amid expectations of improving global demand. 

It comes despite uncertainty about economic recession or a growth slowdown in the US and the global economy. 

Such outlook reflect investors' pessimism towards persistent inflationary pressures and subsequent policy tightening.  

However, some major international institutions like the IMF held on beliefs that the US economy might avoid a recession this year, 

Otherwise, the dollar index fell 0.1% to 101.8, with a session-high at 102.1, and a low at 101.7. 

Nickel is used extensively in the steel industry and by carmakers in electric batteries. 

Nickel spot prices rose 1% to $28.4 thousand a tones as of 15:10 GMT.