The Energy Information Administration reported today that the US crude inventories fell 3.5 million barrels to 498.3 million barrels during the past week, while analysts forecasts a drop by 700K barrels.

Gasoline stocks rose 4 million barrels to 234.6 million barrels, and the distillate stocks rose 1.5 million barrels to 145.5 million barrels.

While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 2.6 million barrels during the same period.

Nickel prices rose on Thursday, as the US dollar fell against its major peers.

US President Joe Biden revealed recently a massive plan to spend nearly $2 trillion on infrastructure.

Countries around the world are ramping up their efforts to contain the Covid-19 pandemic.

Car manufacturers continue to secure their nickel supplies, as it heavily used in the manufacturing of its electric vehicles batteries.

The dollar index fell against a basket of currencies by 0.1% to 92.3 points as of 13:38 GMT, after it hit a high of 92.4 points and a low of 92.2 points.

As of 13:49 GMT, nickel spot futures rose 3.9% to $16,637 per tonne.

US stock indices opened stable on Wednesday, amid optimism about the US economic growth.

The International Monetary Fund raised its projections for the global GDP to grow by 6%, and estimated the US economy to grow to 6.4% in 2021.

US President Joe Biden revealed recently a massive plan to spend nearly $2 trillion on infrastructure.

The US trade balance recorded a deficit by $71.1 billion in February, missing forecasts of $70.2 billion.

As for stocks, Dow Jones rose less than 0.1% or 17 points to 33,447 as of 14:08 GMT, Nasdaq rose 0.1% or 5 points to 13,703, and S&P 500 rose 0.1% or 3 points to 4,077.

Oil prices turned higher as the US market opened on Wednesday, extending gains for the second straight day, after preliminary data showed a drop in the US crude inventories, ahead of the release of the EIA weekly report.

US crude rose 1.3% to $ 60.02 a barrel, after opening at $59.22, and hit a low at $58.81, and Brent crude rose 1.5% to $63.52 a barrel, after opening at $62.58, and hit a low of $62.24.

US crude gained 0.7% yesterday, within recovery attempts from a 2-week low of $57.65, and Brent crude futures rose 0.75%, after hitting the lowest since March 25 at $61.28.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 2.6 million barrels during the week ending April 2, beating forecasts of a drop by 0.7 million barrels.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 2 million barrels.

The US production rose 100K barrels last week, with a total at the highest level of since the week ending November 27 at 11.1 million barrels per day.