Oil prices rose on Wednesday due to tightening supplies from Russia and OPEC members and an unexpected increase in U.S. job openings, which suggests expanding economic activity and growth in oil demand.
Brent crude was up 37 cents, or 0.5%, at $77.42 a barrel, while U.S. West Texas Intermediate crude climbed 44 cents, or 0.6%, to $74.69. Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increases, with field maintenance in the United Arab Emirates offset a Nigerian output hike and gains elsewhere in the group.
In Russia, oil output averaged 8.971 million barrels daily in December, below the country’s target. Job openings in the U.S. increased in November, with low layoffs and workers being reluctant to quit.
Analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries. Brent crude is expected to average $76/bbl in 2025, down from an average of $80/bbl in 2024.
