Oil prices rose despite an increase in the U.S. crude oil inventories. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 234,000 barrels to 482.6 million in the week to January 08.

Analysts had expected U.S. crude oil inventories to rise by 2.6 million barrels.

Gasoline inventories increased by 8.4 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 97,000 barrels.

U.S. crude oil imports increased by 678,000 barrels per day.

Refineries in the U.S. were running at 91.2% of capacity, down from 92.5% the previous week.

Earlier, Chinese crude oil import data supported oil prices. According to the official data on Wednesday, Chinese crude oil imports climbed to a record 7.82 million barrels in December. China is the world's second-biggest oil consumer.

WTI crude oil for February delivery rose to $30.84 a barrel on the New York Mercantile Exchange.

Brent crude oil for February increased to $30.80 a barrel on ICE Futures Europe.

Gold price rose on a weaker U.S. dollar. The U.S. dollar fell against other major currencies ahead of the release of the Fed's Beige Book later in the day.

The World Gold Council's (WGC) also supported gold. According to the World Gold Council, the central banks added 55 tons of gold to their reserves in November, up from 29 tons in October. China 21 tons, while Russia added 22 tons.

February futures for gold on the COMEX today increased to 1087.80 dollars per ounce.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 234,000 barrels to 482.6 million in the week to January 08.

Analysts had expected U.S. crude oil inventories to rise by 2.6 million barrels.

Gasoline inventories increased by 8.4 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 97,000 barrels.

U.S. crude oil imports increased by 678,000 barrels per day.

Refineries in the U.S. were running at 91.2% of capacity, down from 92.5% the previous week.

Bloomberg Commodities Index, which is composed of futures contracts on 22 commodities, dropped by 1.5% to 74.02 on Tuesday and reached the lowest level since 1991. According to Bloomberg, the weak global growth, the oversupply and the strong U.S. dollar are the reasons for the drop. The slowdown in the Chinese economy also weighs on commodities.

The Chinese Customs Office released its trade data on Wednesday. China's trade surplus climbed to $58.2 billion in December from $54.1 billion in November, beating expectations for a decline to a surplus of $53.0 billion.

Exports fell at an annual rate of 1.4% in December, while imports slid at an annual rate of 7.6%, the fourteenth consecutive decline.

In yuan denomination, exports climbed 2.3% in December, while imports dropped 4.0%.

West Texas Intermediate futures for February delivery rebounded to $30.81 (+1.22%), while Brent crude climbed to $31.15 (+0.94%) after breaching the $30 dollar threshold. However some analysts are still not sure that $30 per barrel was the bottom and that there are signs of trend reversal.

Investors also paid attention to comments by Nigerian oil minister, who said that some OPEC members were calling for an emergency meeting. Cartel members failed to agree on solutions needed to support oil prices when they met on December 4.

This week analysts from Barclays, Macquarie and Bank of America Merrill Lynch revised down their 2016 oil price forecasts. Later today the Energy Information Administration will release its weekly report on U.S. crude oil inventories.

Gold is currently at $1,084.60 (-0.06%). Bullion declined further as a rebound in stocks reduced demand for safe-haven assets. A stronger greenback put additional pressure on gold. The dollar is likely to do well in 2016 with market participants expecting the Federal Reserve to raise rates further this year. This would increase the opportunity cost of holding the non-interest-paying precious metal and reduce demand.

(raw materials / closing price /% change)

Oil 30.58 +0.46%

Gold 1,086.00 +0.07%