The US Energy Information Administration (EIA) announced that crude inventories in the United States rose by 2.2 million barrels last week to a total of 485.5 million barrels, while analysts expected an increase of only 80,000 barrels.

US gasoline inventories also rose 800,000 barrels last week, while distillate stocks fell 1 million barrels.

While the American Petroleum Institute announced yesterday in preliminary data that crude inventories in the United States rose by about 4.9 million barrels.

US stocks stabilized during today's trading amid pressure on the energy and technology sectors as well as renewed trade wars concerns.

US Commerce Secretary Wilbur Ross said that he is not optimistic about the United States and China reaching a trade agreement on the sidelines of the G20 summit.

This comes after US President Donald Trump threatened to impose more tariffs on Beijing's exports to the United States in the case of the Chinese President Xi Jinping absence from the G20 summit.

Markets hoped for a bilateral summit between Trump and Xi Jinping to discuss trade disputes between the two countries and the ways to resolve them for a final agreement reach.

Government data showed the US consumer price index rose 0.1% in May, its lowest monthly rate since January.

In terms of trade, by 14:47 GMT, Dow Jones settled at 26,048 points, while Standard & Poor's fell less than 0.1% to 2,883 points, and Nasdaq fell 0.2% (20 points) to 7,802 points.

Crude oil fell as the US market opened on Wednesday to continue its losses for the third straight day after preliminary data from the American Petroleum Institute showed US commercial inventories rose, contrary to the experts' expectations, whilst traders are waiting for the official data on the inventories and production levels in the weekly report of the US Energy Information Administration (EIA) .

 By 12:02 GMT, US crude fell to $51.85 per barrel from the opening level of $53.01, with a high of $53.02 and a low of $51.46.

US crude lost 0.7% in yesterday's settlement, on the renewed fears of a global economic slowdown.

In preliminary data, the American Petroleum Institute (API) announced yesterday that the country's commercial inventories rose by 4.9 million barrels in the week ending June 7, the second weekly increase in a row, contrary to experts' expectations of a drop by 0.5 million barrels.

According to the data, total US commercial inventories rose to 482.4 million barrels, the highest level since July 2017, in a negative sign of demand levels in the world's largest oil consumer.

Traders are looking for official data on commercial stocks and production levels later in the weekly report of the US Energy Information Administration (EIA), and expectations are for inventories to fall by about 1.0 million barrels.

While for production, it increased in the previous week by 100,000 barrels per day, the third weekly increase in a row, bringing the total to a new level of 12.4 million barrels per day, the highest level ever for production in the United States.

The US economy released at 12:30 GMT, its reading for the consumer price index during May, which rose by 0.1%, in line with expectations of an increase by 0.1%, while lower than the previous reading of an increase by 0.3%.

The consumer price index, excluding food and fuel for the same month, rose by 0.1%, below expectations of a 0.2% gain, the same as the previous reading, which rose by 0.1%. This statement is negative for the US dollar.