US crude stocks tumble by over 7 million barrels
Official US data showed crude inventories tumbled 7.1 million barrels last week to 425 million barrels, while analysts expected a drop of 275 thousand barrels.
Gasoline stocks fell 4.6 million barrels to 215.7 million barrels, while distillate stocks rose 0.8 million barrels to 112.3 million barrels.
Initial independent data yesterday showed US crude stocks by 448 thousand barrels.
Wall Street declines ahead of Fed's minutes
US stock indices declined on Wednesday ahead of the Federal Reserve's meeting minutes.
Earlier US data showed retail sales stabilized last month as gasoline prices declines and car sales dipped.
Later today, the Federal Reserve will reveal the minutes of its last meeting, at which it hiked interest rates by 75 basis points.
Dow Jones declined 0.5% to 33,964 as of 14:39 GMT, while NASDAQ shed 1.4% to 12,917, as S&P 500 shed 0.8% to 4,217.
Euro under pressure as electricity, gas prices surge
Euro declined in European trade against dollar, almost hitting three-week lows as the energy sector continues its collapse in Europe, with gas and electricity prices surging in Germany.
Dollar rose to near multi-week highs ahead of the Federal Reserve's latest meeting minutes, which might bolster the case for multiple more rate hikes this year.
EUR/USD fell 0.2% to 1.0149, after rising 0.1% yesterday, the first profit in three days away from three-week lows at 1.0122.
Energy Crisis
The energy sector continues its collapse with standard energy prices surging above 500 euros in Germany for the first time, pressuring businesses.
Germany energy prices rose 5.2% to 502 euros per megawatt\hour, a 500% increase from last year.
The Dollar
The dollar index rose over 0.2% on Wednesday on track to hit three-week highs at 106.94 against a basket of major rivals.
All of that comes ahead of the Fed's meeting minutes later today, which will include clues on the future path of policy tightening in the US.
UK inflation jumps to record highs in July
UK consumer prices jumped 10.1% in July, a record high since records began 1989, and beating estimates of 9.8%, and up from 9.4% in the previous reading.
Core prices, excluding food and energy rose 6.2%, also beating estimates of 5.9%, and up from 5.8% in the previous reading.