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.
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