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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India’s foreign minister says trade talks with Washington are ongoing, but New Delhi must defend its key interests as U.S. tariffs loom.
Russian oil supplies to Hungary and Slovakia could be suspended for at least five days following the latest Ukrainian strike on a facility in Russia, the Hungarian and Slovakian governments said on Friday (22 August), in a widening of the fallout of the Ukraine war.
Oil is once again flowing to Hungary and Slovakia via the Druzhba pipeline, officials from both countries said late on Tuesday, after a Ukrainian drone strike on an oil pumping station in Russia's Tambov region halted supplies.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
Iran has inaugurated a $70 million water diversion initiative aimed at increasing the capital’s water supply.
Chinese President Xi Jinping and Indian Prime Minister Narendra Modi met Sunday in Tianjin ahead of a regional summit, pledging to resolve long-standing border disputes and strengthen bilateral cooperation.
A Liberia-flagged Israeli-owned tanker reported a nearby explosion from an unidentified projectile while sailing close to Yanbu, Saudi Arabia, according to UK Maritime Trade Operations (UKMTO) on Sunday.
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The United States has suspended approvals of almost all visitor visas for individuals holding Palestinian passports, The New York Times reports.
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