Oil prices retreated early on Wednesday as data showed a surprise rise in US inventories. In the previous session, prices surged by as much as 5 percent after Washington said it would delay tariffs on some Chinese goods.
Brent crude was down 35 cents on Wednesday, or 0.6 percent, at $60.95 a barrel at 0116 GMT. US oil was down 46 cents, or 0.8 percent, at $56.64 a barrel.
Crude inventories increased by 3.7 million barrels to 443 million, last week, compared with analyst expectations for a decrease of 2.8 million barrels, Reuters reported citing data from American Petroleum Institute (API).
Middle East markets
Most stock markets in the region were closed for at least the first three days of this week due to Eid al-Adha holidays. The Saudi stock market will be closed for the entire week.
On Thursday, Egypt’s blue-chip index EGX30 was the best performer in the region, adding 2.2 percent, with Commercial International Bank adding 1.2 percent.
Dubai's index closed 0.2 percent higher with Emaar Properties gaining 1.9 percent and Air Arabia climbing 3.5 percent.
In Abu Dhabi the index fell back 0.4 percent. Emirates Telecommunications Group slipped 0.9 percent and Abu Dhabi Commercial Bank dropped 1.6 percent.
Trading on UAE stock markets resumes today.
Saudi Arabia’s index gained 0.8 percent. Banks led the gains with Riyad Bank adding 3.5 percent and Saudi British Bank leaping 4.8 percent.
Qatar's index was also down 0.6 percent. Banks were biggest drag on the index with Commercial Bank dropping 3.6 percent, while Qatar Gas Transport traded 3.5 percent lower.
Bahrain’s index was flat, Kuwait’s premier market index fell 0.4 percent and Oman’s index added 0.6 percent.
The dollar was mainly unchanged on Wednesday.
The dollar index .DXY, which measures the greenback against a basket of six major currencies retreated 0.05 percent to 97.759 after advancing nearly 0.5 percent the previous day.
Gold prices firmed early on Wednesday.
Spot gold was up 0.1 percent at $1,502.03 per ounce at 0047 GMT.
U.S. gold futures fell 0.1 percent to $1,513.10 an ounce.
(Reporting by Gerard Aoun; Editing by Seban Scaria)
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