Oil prices rose slightly on Wednesday. Market players expect demand in China to increase next year after Beijing announced looser monetary policies to boost economic growth.

American West Texas Intermediate oil futures rose 9 cents, or 0.13%, to $68.68. Brent futures gained 10 cents, or 0.14%, to $72.29 per barrel at 0131 GMT. According to reports, crude inventories increased by 499,000 barrels during the week ending on December 6. Gasoline inventories increased by 2.85 million barrels, and distillate inventories increased by 2.45 million barrels. Official oil inventory data from the US Energy Information Administration is expected on Wednesday at 10:30 ET (1530 GMT). According to the information, gasoline inventories increased by 2.85 million barrels, and distillate inventories increased by 2.45 million