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.
A cargo ship rammed into an oil tanker off England’s northeast coast on Monday, igniting a fire and spilling jet fuel into the sea, forcing crews to abandon ship as explosions erupted.
Saudi Arabia has reduced oil prices for Asia by 40 cents per barrel, its first cut in three months. This follows OPEC+'s decision to increase supply by 138,000 barrels per day for April. The move aligns with market expectations, as Russian and Iranian oil supplies to China rise.
At least 42,000 liters of oil products have spilled into the Katwickhaven Canal near Hamburg's container port, contaminating over 90,000 cubic meters of water. Emergency crews are working to contain the spread.
The agreement could be signed by Kyiv and Washington as early as Friday, according to one report.
Brasília, Brazil, February 18, 2025 – Brazil’s government has approved joining OPEC+, a group of major oil-exporting nations, signaling a significant step in the country’s evolution into a prominent oil state.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
Sweden announced its largest military aid package to Ukraine worth $1.6 billion to help Kyiv strengthen its position in peace talks. The package includes new equipment and financial donations for Ukraine's defense industry, with Sweden's total support since 2022 reaching 80 billion crowns.
Britain's King Charles is resuming public duties this week after a brief hospital visit due to side effects from his cancer treatment. Following a restful weekend, he is preparing for a regular working week at Windsor Castle, with some appointments rescheduled ahead of his state visit to Italy.
Thomas Lubanga, a convicted war criminal, has announced the formation of the Convention for the Popular Revolution (CPR) in eastern Congo's Ituri province, posing a new security threat as Congo's army faces advances by Rwandan-backed M23 rebels.
Royal Australian Air Force (RAAF) pilots, monitoring a Chinese navy warship as it navigated Australian waters, were alerted to a live-fire exercise via a civilian radio broadcast, defense officials revealed on Tuesday.
A powerful 7.7-magnitude earthquake struck Myanmar’s Sagaing region, followed by a 6.4-magnitude tremor, killing 2056 people and leaving 3,900 injured. The quake caused building collapses in Myanmar and Thailand, prompting emergency declarations and ongoing rescue efforts.
As the world shifts toward clean energy at an ever-accelerating pace, large economies are scrambling to secure reliable supply chains for rare earth minerals. These minerals, once seen as mere industrial components, have become a political tool in the global power struggle
Russian forces carried out a drone attack on Ukraine’s second-largest city, Kharkiv, late Wednesday, injuring at least twenty one people and causing structural damage, according to Ukrainian officials.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
Sweden announced its largest military aid package to Ukraine worth $1.6 billion to help Kyiv strengthen its position in peace talks. The package includes new equipment and financial donations for Ukraine's defense industry, with Sweden's total support since 2022 reaching 80 billion crowns.
Britain's King Charles is resuming public duties this week after a brief hospital visit due to side effects from his cancer treatment. Following a restful weekend, he is preparing for a regular working week at Windsor Castle, with some appointments rescheduled ahead of his state visit to Italy.
Thomas Lubanga, a convicted war criminal, has announced the formation of the Convention for the Popular Revolution (CPR) in eastern Congo's Ituri province, posing a new security threat as Congo's army faces advances by Rwandan-backed M23 rebels.
AnewZ provides an examination of Marine Le Pen, the leader of France's far-right National Rally party, and explores her ascent in French politics, her controversial policy positions, and the recent legal challenges she faces.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
Sweden announced its largest military aid package to Ukraine worth $1.6 billion to help Kyiv strengthen its position in peace talks. The package includes new equipment and financial donations for Ukraine's defense industry, with Sweden's total support since 2022 reaching 80 billion crowns.
Britain's King Charles is resuming public duties this week after a brief hospital visit due to side effects from his cancer treatment. Following a restful weekend, he is preparing for a regular working week at Windsor Castle, with some appointments rescheduled ahead of his state visit to Italy.
Thomas Lubanga, a convicted war criminal, has announced the formation of the Convention for the Popular Revolution (CPR) in eastern Congo's Ituri province, posing a new security threat as Congo's army faces advances by Rwandan-backed M23 rebels.
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