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.
Fred Ramsdell of Sonoma Biotherapeutics was hiking and "off grid" and so could not be reached by the Nobel Committee to let him know he had won the Pr...
Euro zone finance ministers are set to meet on Thursday to explore ways to boost the development of euro-denominated stablecoins, amid concerns that t...
The Taliban have once again reiterated their stance on the Bagram air base, stating that no one will be allowed to take control of it....
Four migrants died after their boat sank off the Greek island of Lesbos, Greece's coastguard said on Tuesday after launching a search-and-rescue opera...
The Vatican has announced that Pope Leo XIV will visit Türkiye and Lebanon from November 27 to December 2, his first trip abroad since assuming the p...
Kazakhstan’s oil exports to Germany are expected to grow in 2026 following an extension of the existing supply agreement, according to Askhat Khasenov, Chairman of the state energy company Kazmunaigaz.
Ukraine’s military says it has carried out strikes on one of Russia’s main explosives factories and an oil terminal in occupied Crimea, escalating long-range attacks on key sites supporting Moscow’s war effort.
Russia on Tuesday extended its ban on gasoline exports and imposed fresh limits on other petroleum products until 31 December 2025.
The Organization of Petroleum exporting countries OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day for November at its meeting next Sunday as rising oil prices encourage the group to try to regain more market share, said sources familiar with the talks.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
Fred Ramsdell of Sonoma Biotherapeutics was hiking and "off grid" and so could not be reached by the Nobel Committee to let him know he had won the Prize in the Physiology or Medicine category.
The Taliban have once again reiterated their stance on the Bagram air base, stating that no one will be allowed to take control of it.
Four migrants died after their boat sank off the Greek island of Lesbos, Greece's coastguard said on Tuesday after launching a search-and-rescue operation in the area.
The Vatican has announced that Pope Leo XIV will visit Türkiye and Lebanon from November 27 to December 2, his first trip abroad since assuming the papacy.
French President Emmanuel Macron faced growing pressure on Tuesday to resign or hold a snap parliamentary election to end political chaos that has forced the resignation of five prime ministers in less than two years.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment