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.
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Kazakhstan’s oil production is on an upward trajectory, with output expected to reach 2.08 million barrels per day (mb/d) by 2025, according to the International Energy Agency (IEA). The latest revision raises the forecast by 0.06 mb/d, signaling sustained growth in the nation’s energy sector.
Oil prices rose as Norway's Johan Sverdrup oilfield halted output due to a power outage, while escalating tensions in the Russia-Ukraine conflict added further pressure on global markets.
Impeached South Korean President Yoon Suk Yeol has barricaded himself in his Seoul residence for a fifth day as authorities seek his arrest on insurrection charges. Amid rising protests and tensions, the standoff follows Yoon's controversial martial law decree and subsequent impeachment.
Devastating wildfires fueled by powerful winds force mass evacuations in Los Angeles, scorching homes and landmarks as firefighters battle uncontained blazes across the region.
Poland has closed its Consulate General in St. Petersburg after Russia ordered its shutdown in retaliation for Warsaw’s closure of the Russian consulate in Poznań. The move highlights escalating diplomatic tensions, with both sides accusing each other of hostile actions.
Azerbaijan's Foreign Ministry is working with Eritrean authorities to secure the release of 18 Azerbaijani citizens detained after their vessels entered Eritrean waters on November 7, 2024, due to severe weather. The crew faces charges of unauthorized entry.
Fuel vendors in Damascus are thriving in the post-Assad era, providing much-needed gasoline and diesel to Syrians after years of repression under the former regime. The shift has brought newfound freedom and relief from years of repression.
Azerbaijani President Ilham Aliyev has highlighted the importance of improved coordination between military and civilian services following the Azerbaijan Airlines plane crash near Aktau, Kazakhstan, which resulted in 38 fatalities.
A 6.8 magnitude earthquake struck Tibet's Himalayan foothills, killing at least 100 and shaking Nepal, Bhutan, and India. Tremors reached as far as Kathmandu and Thimphu.
Impeached South Korean President Yoon Suk Yeol has barricaded himself in his Seoul residence for a fifth day as authorities seek his arrest on insurrection charges. Amid rising protests and tensions, the standoff follows Yoon's controversial martial law decree and subsequent impeachment.
Devastating wildfires fueled by powerful winds force mass evacuations in Los Angeles, scorching homes and landmarks as firefighters battle uncontained blazes across the region.
Poland has closed its Consulate General in St. Petersburg after Russia ordered its shutdown in retaliation for Warsaw’s closure of the Russian consulate in Poznań. The move highlights escalating diplomatic tensions, with both sides accusing each other of hostile actions.
Azerbaijan's Foreign Ministry is working with Eritrean authorities to secure the release of 18 Azerbaijani citizens detained after their vessels entered Eritrean waters on November 7, 2024, due to severe weather. The crew faces charges of unauthorized entry.
Fuel vendors in Damascus are thriving in the post-Assad era, providing much-needed gasoline and diesel to Syrians after years of repression under the former regime. The shift has brought newfound freedom and relief from years of repression.
Impeached South Korean President Yoon Suk Yeol has barricaded himself in his Seoul residence for a fifth day as authorities seek his arrest on insurrection charges. Amid rising protests and tensions, the standoff follows Yoon's controversial martial law decree and subsequent impeachment.
Devastating wildfires fueled by powerful winds force mass evacuations in Los Angeles, scorching homes and landmarks as firefighters battle uncontained blazes across the region.
Poland has closed its Consulate General in St. Petersburg after Russia ordered its shutdown in retaliation for Warsaw’s closure of the Russian consulate in Poznań. The move highlights escalating diplomatic tensions, with both sides accusing each other of hostile actions.
Azerbaijan's Foreign Ministry is working with Eritrean authorities to secure the release of 18 Azerbaijani citizens detained after their vessels entered Eritrean waters on November 7, 2024, due to severe weather. The crew faces charges of unauthorized entry.
Fuel vendors in Damascus are thriving in the post-Assad era, providing much-needed gasoline and diesel to Syrians after years of repression under the former regime. The shift has brought newfound freedom and relief from years of repression.
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