The US Energy Information Administration (EIA) revealed that the US oil inventories declined by 2.7 million barrels during last week to 437.8 million barrels, while analysts expected a decline of 3.1 million barrels

Gasoline inventories rose by 300,000 barrels, while distillate rose by 2.6 million barrels last week.

While the American Petroleum Institute (API) revealed yesterday in preliminary data that the inventories fell by 3.5 million barrels.

US stocks rose today, amid market's hopes about the trade talks  between the United States and China after President Trump's remarks.

Trump said "he is doing great with China and other trade deals," while expressing optimism about reaching good deals with the UK and the EU.

Trump threatened the EU yesterday that his administration will impose tariffs on cars from the Union if the US didn't get what it wanted.

Trump also renewed his criticism of the Fed Chairman Jerome Powell, by saying that he’s like a golfer who can’t putt, has no touch and demanded a big rate cut.

By 15:14 GMT, Dow Jones rose by 1% or 264 points to 26,227, Nasdaq rose by 1% or 77 points to 8026, and S&P 500 rose 0.8% or 24 points to 2,924 points.

Oil extended gains in the US market today, for the fourth straight day, to the highest level in a week, after preliminary data showed unexpected drop in US oil inventories, ahead of the official data release by the U.S. Energy Information Administration (EIA).

As of 13:15 GMT, WTI rose to $56.77 a barrel from the opening of $56.10, with a high of $56.91 (highest in a week), and a low of $56.08.

WTI rose by 0.1% yesterday, its third daily gain, as the concerns about the US-China trade war eased.

The American Petroleum Institute showed yesterday in preliminary data that the US oil inventories fell by 3.5 million barrels during the week ending in August 16th, lower than forecasts of 1.9 million.

This drop is the 9th weekly drop in two and a half months, which is a sign of high demand in the United States.

While the US Energy Information Administration (EIA) will release today the official data on inventories and production levels in its weekly report, with forecasts for inventories to decline by 1.4 million barrels, while in last week's report the production levels remained unchanged, with a total of 12.3 million barrels per day, near its all-time record of 12.4 million.

US dollar rose against a basket of global currencies today, after its gains were temporarily halted yesterday on profit taking from a 3-week high, amid high hopes in financial markets which led to increased demand on high-yielding assets, ahead of the release of the US Fed's meeting minutes.

Dollar index rose by more than 0.1% to 98.30 points, from the opening of 98.17, with an intraday low of 97.95.

The index fell by 0.2% yesterday, its first loss in 6 days, due to profit taking from a 3-week high at 98.45 points.

US-China trade war concerns eased this week after the US government granted Huawei a 90-day reprieve to buy US products, which raised hopes that the two economies will reach a trade deal.

China has announced an interest rate reform and a cut in corporate borrowing costs, while the German government expressed its readiness to stimulate the economy to face any future economic crisis.

Which has led to improved market sentiment, reflected on increased demand for high-yielding assets, especially stocks and bonds.

Investors are anticipation today the release of the Fed meeting minutes by 18:00 GMT, which was held on July 30-31 last, and resulted in the US interest rate cut for the first time since December 2008.

And some experts believe that the move is unjustified as the US economy performs better than expected despite the rising risks, and may be a way to please President Donald Trump, who is critical of US monetary policy and high interest rates.

Fed chairman, Jerome Powell, said that the current cut will not be the beginning of a series of interest rate cuts.

The minutes is expected to include strong signes on the future of the US interest rate cuts, and in case of pessimistic signes then the market's bets will rise for another rate cut this year.