Crude inventories rose by 2.5 million barrels in the last week, compared with analysts' expectations for an decrease of 2.3 million barrels.
Gold fell more than 1 percent to a five-year low on Wednesday as a bounce in the dollar fueled downside momentum.
The dollar rose after its biggest fall in a month the previous session, while sterling gained in response to minutes from the Bank of England's last meeting.
Long-dated yields fell to their lowest level in nearly two weeks on growing anticipation of a short-term interest rate hike by the Federal Reserve.
Asian stock markets outside Shanghai stumbled on Wednesday, hurt by lackluster earnings on Wall Street and the fall in commodity prices.
U.S. stocks closed lower, with the Dow Jones industrial average pressured by lackluster earnings from a few blue chips.
U.S. stock index futures traded mixed, amid a swathe of major earnings including Amazon.com, Caterpillar, McDonald's and General Motors.
European stocks closed lower in choppy trade on Tuesday, with investors eyeing earnings and commodity prices.
U.S. stock markets were expected to open lower on Wednesday in the wake of disappointing earnings from tech heavyweights.
Gold was on the brink of five year lows on Tuesday, with more losses expected in the coming months following Monday's "bear raid."
Crude oil futures clung to gains in volatile trading as the U.S. front-month August contract headed to expiration on Tuesday.
The dollar retreated from a three-month high against a basket of currencies on Tuesday on profit-taking.
U.S. Treasury prices rose on Tuesday as volatility in commodity markets offered some solace to safe-haven bonds from jitters about higher U.S. rates.
Asian stocks advanced on Tuesday, but gains were limited as traders kept a wary eye on the drop in commodity prices.
U.S. stocks closed mildly higher, with the Nasdaq at another record, as investors digested earnings reports.
European equity markets closed slightly higher Monday after confirmation that Greece had repaid 2 billion euros to the IMF.
Oil prices slipped on Monday, despite data showing a sharp drop in Saudi Arabia's crude oil exports.
Gold prices plunged as much as 4 percent to their lowest in more than five years on Monday as sellers in top consumer China offloaded the metal.
U.S. Treasury prices started the week on the back foot, with signs that the crisis in Greece may be abating dimming the appeal of safe-haven bonds.
The dollar reached its highest in three months against a basket of currencies on Monday.
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