Oil rises on tighter OPEC supply, US jobs data

Oil prices rose on Wednesday as supplies from Russia and OPEC member countries declined, while data showing an unexpected rise in US job openings pointed to expanding economic activity and further growth in oil demand, Reuters reports, UNN writes.

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Brent crude oil rose 37 cents, or 0.5%, to $77.42 per barrel at 07:30 GMT (09:30 Kyiv time). U.S. West Texas Intermediate crude rose 44 cents, or 0.6%, to $74.69.

Oil production in the countries of the Organization of the Petroleum Exporting Countries fell in December after two months of growth, a Reuters poll showed. Maintenance at fields in the United Arab Emirates offset a rise in Nigeria’s output and growth elsewhere in the group.

In Russia, oil production averaged 8.971 million barrels per day in December, below the country’s target, Bloomberg reported, citing the Energy Ministry.

On the economic front, the number of job openings increased in November in the United States, while the number of layoffs was low, with employees reluctant to quit, the study showed.

“Strong US economic data continues to bolster the outlook for the US economy and oil demand, which is also supported by a larger-than-expected decline in crude oil inventories,” said IG market strategist Yep Jun Rong.

Going forward, analysts expect oil prices to decline on average this year compared to 2024, partly due to increased production in non-OPEC countries.

“We are sticking to our forecast of an average Brent crude oil price of $76 per barrel in 2025, down from an average of $80 per barrel in 2024,” BMI, a unit of Fitch Group, said in a client note.

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