Oil prices rose on Wednesday, driven by tighter supply from OPEC members and Russia, alongside stronger-than-expected U.S. job data indicating economic growth and higher oil demand.
Oil prices climbed on Wednesday, fueled by tighter supplies from Russia and OPEC members, alongside data showing an unexpected rise in U.S. job openings, signaling economic growth and increased demand for oil.
Brent crude rose by 32 cents, or 0.42%, to $77.37 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 42 cents, or 0.57%, reaching $74.67.
A Reuters survey revealed that OPEC's oil output fell in December, reversing the increases seen in the previous two months. Maintenance work in the United Arab Emirates offset production gains in Nigeria and other OPEC countries.
Meanwhile, Russian oil output averaged 8.971 million barrels per day in December, falling short of the country's production target, according to Bloomberg.
On the economic front, U.S. job openings increased unexpectedly in November, and layoffs remained low. The Job Openings and Labor Turnover Survey (JOLTS) indicated that workers were also less willing to quit their jobs, a sign of labor market stability. Capital Economics noted that the data, combined with recent employment reports, pointed to a labor market approaching pre-pandemic levels.
In addition, U.S. crude oil stocks fell last week, while fuel inventories increased, according to data from the American Petroleum Institute.
Looking ahead, analysts predict that oil prices will average lower in 2025 compared to 2024, primarily due to rising production from non-OPEC countries. BMI, a division of Fitch Group, forecasts Brent crude to average $76 per barrel in 2025, down from $80 per barrel in 2024. Their bearish outlook is driven by expectations of oversupply, with production growth surpassing demand growth by 485,000 barrels per day.
Trump says China can continue buying Iranian oil after Israel-Iran ceasefire, hinting at softer sanctions enforcement.
Oil prices dropped 1% on Monday after hitting five-month highs, as markets assessed the impact of U.S. strikes on Iran and potential risks to oil transit through the Strait of Hormuz.
Goldman Sachs economists have warned that any significant disruption to oil shipments through the Strait of Hormuz could push Brent crude prices over $100 per barrel, potentially causing a sharp rise in transport costs, inflation, and slowing global growth.
Global oil demand will continue rising until around 2030, even as China’s consumption peaks in 2027, driven by low U.S. gasoline prices and slower EV adoption, the International Energy Agency (IEA) said on Tuesday.
U.S. Defense Secretary Pete Hegseth has authorized the voluntary evacuation of military dependents from locations across the Middle East, a U.S. defense official said Wednesday.
A landslide in northwest Colombia has left multiple people dead and injured, with rescue efforts still underway.
U.S. and Iranian officials have engaged in dialogue amid recent regional tensions, with Washington expressing cautious optimism about the outcome.
New research highlights that naturally-regenerating forests, often overlooked in climate policies, could remove carbon up to eight times faster than newly planted trees.
Azerbaijan has been elected Chair of the United Nations Environment Programme’s (UNEP) key decision-making body, marking a first for the country and strengthening its role in global environmental policy.
The UK will buy 12 F-35A jets capable of carrying tactical nuclear weapons.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
Wizz Air has suspended all flights to and from Tel Aviv, Israel, and its European services to Amman, Jordan, effective immediately until 15 September due to escalating situation in the Middle East. Also, the air carrier temporarily suspended its flights between Astana, Kazakhstan, and Abu Dhabi.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
A landslide in northwest Colombia has left multiple people dead and injured, with rescue efforts still underway.
U.S. and Iranian officials have engaged in dialogue amid recent regional tensions, with Washington expressing cautious optimism about the outcome.
The UK will buy 12 F-35A jets capable of carrying tactical nuclear weapons.
Airlines have cancelled and rerouted flights across the Middle East as the Israel-Iran conflict escalates.
African leaders at the U.S.-Africa Business Summit in Luanda have called for an end to aid-based relations with the U.S., urging a stronger focus on private investment and transformative partnerships.
A landslide in northwest Colombia has left multiple people dead and injured, with rescue efforts still underway.
U.S. and Iranian officials have engaged in dialogue amid recent regional tensions, with Washington expressing cautious optimism about the outcome.
New research highlights that naturally-regenerating forests, often overlooked in climate policies, could remove carbon up to eight times faster than newly planted trees.
Azerbaijan has been elected Chair of the United Nations Environment Programme’s (UNEP) key decision-making body, marking a first for the country and strengthening its role in global environmental policy.
The UK will buy 12 F-35A jets capable of carrying tactical nuclear weapons.
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