At 13:30 GMT, the US economy released its second reading of the GDP for the third quarter, growing by the all-time highest rate of 33.1%, in line with forecasts and the previous reading.

At 13:30 GMT, the US economy released its reading of the weekly unemployment claims for the week ending November 21 at 0.778 million, worse than forecasts of 0.732 million, and worse than the previous reading of 0.748 million after it was revised from 0.742 million. This data is negative for the US economy.

Oil prices continued to rise as the US market opened on Wednesday, extending gains for the sixth straight day, and jumped to an 8-month peak, amid optimism about Covid-19 vaccines, which offset the impact of a rise in the US crude inventories, according to preliminary data, and ahead of the US Energy Information Administration's weekly report.

US crude rose 1.9% to the highest level since March 6 at $45.67, after opening at $44.80, and hit a session low of $44.76, and Brent crude rose 1.8% to the highest level since March 6 at $48.68 a barrel, after opening at $47.80, with a low of $47.74.

US crude gained 4.6% yesterday, and Brent crude futures rose about 4.5%, posting their fifth daily gain in a row, in the longest daily gains streak since September thanks to news about Covid-19 vaccination. 

According to the latest medical research, a Covid-19 vaccine could be available before the end of this year, which will finally help in putting an end to the pandemic that has severely impacted the global demand for fuel.

The British pharmaceutical giant AstraZeneca said on Monday that its vaccine, developed in collaboration with the University of Oxford, was about 70% effective in preventing Covid-19 and can reach up to 90%, according to an interim analysis of clinical trials third phase.

The Russian authorities announced on Tuesday that the Sputnik-V vaccine is 95% effective in preventing Covid-19, according to the results from the final phase of clinical trials.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose by about 3.8 million barrels during the week ending November 20, missing forecasts of 0.2 million barrels.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to rise by 0.1 million barrels.

The US dollar rose on Wednesday, consolidating above the 12-week low that was hit yesterday, but remains ebbed due to strong market sentiment and weak demand, which comes ahead of key data in the US, led by GDP reading for the third quarter of this year.

The dollar index rose 0.2% to 92.26 points, after opening at 92.11 points, and hitting an intraday low and the lowest since September 1st at 91.94 points.

The index lost more than 0.3% yesterday and resumed its losses after a two-day rally.

The US dollar is weighed down by weak demand and strong risk appetite, as a result of the easing of political tensions in the US over the presidential election results.

The outgoing President Donald Trump gave the green light for the transition of power to the president-elect Joe Biden's team, which is considered as a main step in Trump's official conceding of the election.

John Biden is planning on appointing former Federal Reserve Chair Janet Yellen as Secretary of the US Treasury, which boosts odds for further fiscal and monetary stimulus to support the US economy amid the coronavirus crisis.

At 13:30 GMT, the US GDP  for the third quarter of 2020 is expected to reach a growth rate of 33.1% in line with the initial reading, which is considered the highest growth rate in the US history.

The US unemployment claims for the week ending November 21 are expected to reach 0.732 million from 0.742 million during the previous week.

At 15:00 GMT, the personal spending index for October is expected to rise by 0.4% vs. 1.4% in September, and the personal income index is expected up by 0.0% from 0.9%.