The US Energy Information Administration (EIA) revealed today that the US oil inventories fell by 6.9 million barrels, to a total of 416.1 million barrels.

The gasoline inventories fell by 700,000 barrels, while the distillate inventories rose by 2.7 million barrels during last week.

Yesterday, the American Petroleum Institute (API) revealed in preliminary data that the inventories fell by 7.2 million barrels.

US stocks rose today as the energy sector recovered after oil prices rose in addition to gains in the tech sector after Apple revealed the new versions of the iPhone.

In the oil market, by 14:09 GMT, WTI rose by 0.4% to $57.6 a barrel, with a high of $58.3 and a low of $57.3.

Brent rose by 0.8% to $62.8 a barrel, with a high of $63.2 and a low of $62.5.

The US economy revealed today that the PPI rose by 0.1% during August.

Otherwise, the Chinese Ministry of Finance announced today that 16 US products would be exempted from tariffs, with a 1-year exemption from September 17th.

Dow Jones rose by 0.1% or 40 points to 26,949 points, Nasdaq rose by 0.6% or 46 points to 8,130, and S&P 500 rose by 0.2% or seven points to 2,986.

Oil maintained its gains as the US market opened today, which were suspended yesterday on profit taking from 6-week high, as the US oil inventories fell according to the API data, ahead of the official data release in the EIA weekly report today.

As of 12:45 GMT, WTI rose to $58.10 a barrel, from the opening of $57.84, with a high of $58.27, and a low of $57.66.

WTI closed lower by 0.2% yesterday, its first loss in 5 days, on profit taking from a 6-week high of $58.73l.

While yesterday, the American Petroleum Institute (API) revealed in preliminary data that oil inventories fell by 7.2 million barrels during last week, in the third weekly drop in 1 month

The official data on inventories and production levels will be released later today, by the US Energy Information Administration's weekly report, with forecasts of drop by 2.7 million barrels for the fourth week.

While the production fell by 100,000 bpd in the previous week,production levels fell by about 100 thousand barrels per day last week, to fall from the all-time highest record at 12.5 million bpd.

US dollar rose today against a basket of currencies, extending its gains to 1-week high, as the 10-year US Treasury yield continued to rise due to the risk appetite in the markets improving and recession concerns in the US easing.

The dollar index rose by 0.3% to 98.66 points (1-week high), from the opening of 98.33, with a low of 98.16.

Dollar closed higher by 0.1% yesterday, on the rise of US Treasury bonds yields, and sings on the easing the of the US-China trade war.

US 10-year Treasury yields rose today to 1-month high of 1.726%, rising  for the second day, as the risk appetite improved in high-yielding asset.

The gap with the 2-year US Treasury yield, reduces the market's fears of a near US recession, which has recently increased after the inversion of the yield curve.

 The Chinese Ministry of Finance announced today that 16 US products would be exempted from tariffs, with a 1-year exemption from September 17th.

Which is interpreted as the latest sign on the easing of the US-China trade war after the announcement of a new round of trade talks in Washington in first of October.

While the US Treasury Secretary Steven Mnuchin told Fox News yesterday that there is a preliminary agreement on solving the intellectual property crisis with China, and that the two countries have reached a lot of progress in the talks, and the US side is fully prepared to negotiate.