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.
Thousands of mourners attended a state funeral for Kenyan opposition leader Raila Odinga on Friday under heavy security after a deadly day that saw of...
An explosion at an eight-storey apartment building in Romania's capital Bucharest collapsed floors, killing two people and injuring 12 on Friday, loca...
Madagascar's coup leader Colonel Michael Randrianirina was sworn in as president on Friday, after the military took power in the island nation this we...
Bishkek was gripped by panic on the evening of 16 October after a video circulated on messaging apps showing a young man threatening schoolchildren wi...
U.S. and Brazilian officials held trade talks on Thursday that the two sides called positive and agreed to work to schedule a meeting between U.S. Pre...
U.S. President Donald Trump said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying oil from Russia, and Trump said he would next try to get China to do the same as Washington intensifies efforts to cut off Moscow’s energy revenues.
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.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
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.
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.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
Thousands of mourners attended a state funeral for Kenyan opposition leader Raila Odinga on Friday under heavy security after a deadly day that saw officers open fire to disperse crowds at a stadium hosting a public viewing of his body.
An explosion at an eight-storey apartment building in Romania's capital Bucharest collapsed floors, killing two people and injuring 12 on Friday, local media reported.
Madagascar's coup leader Colonel Michael Randrianirina was sworn in as president on Friday, after the military took power in the island nation this week.
Bishkek was gripped by panic on the evening of 16 October after a video circulated on messaging apps showing a young man threatening schoolchildren with violence. Within minutes, the footage spread through parents’ chats, teachers’ groups and local Telegram channels. Fearing the worst, parents flood
U.S. and Brazilian officials held trade talks on Thursday that the two sides called positive and agreed to work to schedule a meeting between U.S. President Donald Trump and his counterpart Luiz Inacio Lula da Silva "at the earliest possible occasion".
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment