The Energy Information Administration (EIA) said that crude inventories in the United States fell by 9.5 million barrels to 459 million barrels last week, while markets expected a drop by 1.9 million barrel.

Gasoline inventories fell by 1.5 million barrels to 229.2 million barrels, while distillate stocks rose by 3.7 million barrels to 130.5 million barrels last week.

This comes after preliminary data announced by the American Petroleum Institute yesterday, which reported that the country's oil inventories fell by 8.1 million barrels in the same period.

US stocks rose on Friday after Federal Reserve Chairman Jerome Powell's testimony before the House Financial Services Committee.

In his semiannual testimony, Powell spoke of the negative factors that have put pressure on the US economy, including trade disputes and volatility in global markets.

Nevertheless, Powell stressed the continued strength of the US labor market and the growth improvement, but he saw a problem in the continued weakness of inflation as it's still remains below the Fed's target at 2%.

Analysts said Powell's comments indicate negative signals for the economy, which means that the central bank's decision to cut interest rates may be at this month's meeting.

In terms of trading, by 15:02 GMT, Dow Jones rose by 0.3% (equivalent to 77 points) to 26,860 points, and Nasdaq rose by 0.5% (40 points) to 8,140 points.

Standard & Poor's, or S&P 500, rose by 0.3% (9 points) to 2989 points after crossing the 3000 milestone for the first time in its history at the opening of the session.

Corn prices fell during trading today after yesterday's losses in light of forecasts of an abundant American production, according to the estimates of the Ministry of Agriculture.

The Ministry of Agriculture revealed that weather factors supported the increase of maize crops in the United States, which means an abundance of domestic supply and therefore pressure on prices.

This comes as a new round of US-China trade talks begins with a positive atmosphere surrounding these talks, which aimed at reaching an agreement between the two countries.

Negative speculations about the trade war had a negative impact on the corn prices, with speculation that China may target imports of soy and corn with tariffs if Washington escalates.

In terms of trading today, by 14:22 GMT, corn prices fell by 0.7% to $434.2 per bushel, the highest price of the day at $437.5 and the lowest price at $431.5.

US stocks rose today, supported by Federal Reserve Chairman Jerome Powell's testimony before the House of Representatives Financial Services Committee.

Powell said that there are uncertainties and negative factors affecting the performance of the US economy despite the strength of the labor market and its continued growth.

"These factors lie in the US-China trade war as well as the slowdown in global economic growth," Powell said.

The markets interpreted these comments as a strong signal that the Federal Reserve is moving towards a rate cut at the next July meeting.

These expectations have receded following the recent jobs report, which showed that the US economy has added 224,000 new jobs in June, with unemployment rising to 3.7% from 3.6%.

In terms of trade, Dow Jones rose by 0.5% (130 points) to 26,912 points, Nasdaq rose 0.5% (47 points) to 8,188 points, and Standard & Poor's rose by 0.4% (13 points) to 2,992 points.