Despite signs of a big gain in US stocks, oil prices were steady in Asian trade on Wednesday as traders awaited any escalation in the crisis between Russia and Ukraine.
Oil prices have seen a modest increase this week as the conflict between Russia and Ukraine has escalated, particularly after Moscow threatened to use nuclear weapons in response to Ukrainian strikes, raising concerns about potential supply disruptions.
Industry reports that US oil inventories rose more than expected in the week ended November 15 shook oil markets. The 4.75 million barrel increase in crude inventories last week was significantly larger than the 0.8 million barrel increase expected, according to American Petroleum Institute data.
