Oil rose slightly on Wednesday due to the escalation of the war in Ukraine and signs of increased Chinese crude imports, while rising U.S. crude inventories limited price gains global.
Brent oil futures gained 9 cents, or 0.1%, to $73.40 a barrel by 0003 GMT. West Texas Intermediate crude oil futures rose 14 cents, or 0.2%, to $69.53 a barrel.
U.S. crude oil inventories increased by 4.75 million barrels in the week ending Nov. 15, market sources said Tuesday, citing figures from the American Petroleum Institute. Gasoline stocks, however, fell by 2.48 million barrels.
Distillate stocks also declined, losing 688,000 barrels last week, according to sources. Official government data is expected later on Wednesday.
The escalation of the war between major oil producer Russia and Ukraine appears to have supported prices.
On Tuesday, Ukraine used US ATACMS missiles to strike Russian territory for the first time, according to Moscow. Russian President Vladimir Putin has lowered the bar for a possible nuclear attack.
“This marks a further rise in tensions in the war between Russia and Ukraine and highlights the risk of supply disruptions in the oil market,” ANZ analysts said in a note to their clients. customers.
Signs that China, the world's largest crude importer, may have increased its oil purchases this month, following a period of weak imports, boosted oil price sentiment.
Data from ship watcher Kpler showed China's crude imports are on track to end November at or near a record high, an analyst told Reuters.
Weak Chinese imports since the start of the year have sent oil prices tumbling, with Brent losing 20% from its April peak of more than $92 a barrel.
