Oil prices rose slightly on Wednesday after an industry report showed U.S. crude and gasoline inventories fell and as the market watched for a possible widening of the Israel-Gaza war, which may impact global oil supplies.

In the global crude market, Brent Crude was trading 0.43 percent higher at 81 dollars and 04 cents per barrel. Meanwhile, WTI Crude was also up 0.47 percent, trading at 78 dollars and 72 cents per barrel, when reports last came in.