Crude oil prices were steady since trading on Tuesday as signs of an escalation in the Russia-Ukraine war sparked investor caution against supply disruptions.
However, the market recovered slightly thanks to the impetus of the reopening of oil production in Johan Sverdrup, Norway which limited the high gains.
Brent crude futures rose one cent to close at $73.31 a barrel while US West Texas Intermediate crude futures rose 0.3% or 23 cents to close at $69.39 a barrel.
For the first time, Ukraine used US ATACMS missiles to attack Russian territory on Tuesday.
Russian Foreign Minister Sergei Lavrov described the attack as a Western escalation. Russian President Vladimir Putin lowered the threshold for the possibility of further nuclear attacks.
For now, the market is also showing signs of higher crude oil purchases by major importer China.
According to StoneX energy analyst, Alex Hodes sees China's crude oil import activity on track to end November at or near an all-time high.
Weak imports by China so far this year have weighed on oil prices and pulled Brent futures down 20% from their April peak after above $92 a barrel.
It declined in October from a year earlier for the sixth month in a row.
He also said that China is likely to increase its oil purchases this month because the current price offers relatively good value.
