While rising U.S. crude oil inventories limited overall price gains, oil rose slightly on Wednesday due to the escalation of the war in Ukraine and signs of increased Chinese crude oil imports.

West Texas Intermediate crude oil futures rose 14 cents, or 0.2%, to $69.53 per barrel. Brent oil futures gained 9 cents, or 0.1%, to $73.40 per barrel at 0003 GMT. According to market sources, citing figures from the American Petroleum Institute, U.S. crude oil inventories increased by 4.75 million barrels in the week ending November 15. Gasoline inventories, however, fell by 2.48 million barrels. Weak Chinese imports since the start of the year have caused oil prices to fall, with Brent losing 20% from its April peak of over $92 per barrel