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.
Eight OPEC+ nations submit revised plans after breaching production limits.
Shell has signed a deal with Bulgaria to explore 4,000 sq km in the Black Sea for oil and gas, as Sofia seeks to diversify energy sources. The move follows a similar agreement with OMV Petrom and NewMed Energy last month.
Crude oil prices inched higher on global exchanges, reflecting cautious optimism amid ongoing market fluctuations.
Tehran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2025) that will be held from May 8 to 11 is set to become the largest energy trade event in West Asia, - said Iran’s Deputy Oil Minister for International Affairs and Trade.
BP Chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, the energy group said on Friday amid a campaign by activist hedge fund Elliott for more change at the company.
In a significant development for Afghanistan-Russia relations, Zamir Kabulov, Special Envoy of the Russian President, held high-level talks with Taliban officials in Kabul, signaling a further warming of ties between the two nations.
Russia and Türkiye will hold consultations on the Middle East, including Syria and Palestine, on 25th April in Istanbul, according to a Turkish Foreign Ministry source speaking to TASS.
UK Prime Minister Keir Starmer is nearing a defence deal with the EU to reset post-Brexit ties, even as his government courts a U.S. trade deal. Talks will culminate at a May summit, aiming to boost cooperation in defence, energy, and youth mobility.
US Secretary of State Marco Rubio has firmly rejected claims that the Trump administration is considering lifting sanctions on Russia’s Nord Stream 2 pipeline as part of negotiations to end the war in Ukraine.
UEFA has opened a new office in Istanbul to support the organization of major tournaments, including the 2026 Europa League final, 2027 Conference League final, and EURO 2032. President Ceferin praised Türkiye’s hosting record and ongoing collaboration.
China has rolled out the world’s first 10-gigabit (10G) fixed broadband network in Xiong'an New Area, promising ultra-fast speeds and low latency through cutting-edge optical infrastructure.
The Holy Fire ceremony stands as one of Christianity's most enduring and mysterious rituals, drawing thousands of pilgrims to Jerusalem each year.
Pope Francis's relationship with Azerbaijan has evolved significantly over the years, characterized by diplomatic exchanges, promotion of religious tolerance, and peace advocacy in the Caucasus region.
Russia launched a major missile and drone assault on Kyiv overnight on April 24, killing at least twelve people and injuring 90, including children and a pregnant woman, according to Mayor Vitali Klitschko.
Severe rainfall on April 17 led to flooding and landslides in the Piedmont region, prompting a large-scale emergency response from over 400 firefighters.
UK Prime Minister Keir Starmer is nearing a defence deal with the EU to reset post-Brexit ties, even as his government courts a U.S. trade deal. Talks will culminate at a May summit, aiming to boost cooperation in defence, energy, and youth mobility.
US Secretary of State Marco Rubio has firmly rejected claims that the Trump administration is considering lifting sanctions on Russia’s Nord Stream 2 pipeline as part of negotiations to end the war in Ukraine.
UEFA has opened a new office in Istanbul to support the organization of major tournaments, including the 2026 Europa League final, 2027 Conference League final, and EURO 2032. President Ceferin praised Türkiye’s hosting record and ongoing collaboration.
China launched its Shenzhou-20 mission on Thursday, sending three astronauts to the Tiangong space station. The successful liftoff marks its 15th crewed flight as Pakistan eyes sending the first foreign astronaut on a future mission.
President Donald Trump called on Vladimir Putin to halt missile strikes on Kyiv, urging a return to peace talks amid rising casualties.
In a significant development for Afghanistan-Russia relations, Zamir Kabulov, Special Envoy of the Russian President, held high-level talks with Taliban officials in Kabul, signaling a further warming of ties between the two nations.
Russia and Türkiye will hold consultations on the Middle East, including Syria and Palestine, on 25th April in Istanbul, according to a Turkish Foreign Ministry source speaking to TASS.
UK Prime Minister Keir Starmer is nearing a defence deal with the EU to reset post-Brexit ties, even as his government courts a U.S. trade deal. Talks will culminate at a May summit, aiming to boost cooperation in defence, energy, and youth mobility.
US Secretary of State Marco Rubio has firmly rejected claims that the Trump administration is considering lifting sanctions on Russia’s Nord Stream 2 pipeline as part of negotiations to end the war in Ukraine.
UEFA has opened a new office in Istanbul to support the organization of major tournaments, including the 2026 Europa League final, 2027 Conference League final, and EURO 2032. President Ceferin praised Türkiye’s hosting record and ongoing collaboration.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment