Written by Katya Golubkova
TOKYO (Reuters) – Oil prices rose on Wednesday as supplies from Russia and OPEC members tightened, while data showing an unexpected increase in U.S. job openings pointed to expanding economic activity and consequent growth in oil demand.
By 0135 GMT, the price of futures contracts rose 32 cents, or 0.42 percent, to $77.37 per barrel. US West Texas Intermediate crude rose 42 cents, or 0.57 percent, to $74.67.
A Reuters survey showed that oil production from the Organization of the Petroleum Exporting Countries fell in December after two months of increase. Field maintenance in the UAE was offset by higher Nigerian production and gains elsewhere in the group.
In Russia, oil production averaged 8.971 million barrels per day in December, below the target set by the country, Bloomberg reported.
On the economic front, the number of job openings in the United States rose in November and the number of layoffs was low, while workers were reluctant to quit, the Job Opportunities and Labor Turnover Survey showed. Oil prices rise with economic growth.
“November JOLTS data, when paired with recent employment reports, show the labor market has returned to pre-pandemic norms,” Capital Economics said in a note to clients.
Elsewhere in the United States, inventories fell last week while fuel inventories rose, market sources said, citing American Petroleum Institute figures on Tuesday.
Going forward, analysts expect oil prices to fall on average this year compared to 2024, partly due to increased production from non-OPEC countries.
“We are sticking to our outlook for Brent crude to average $76 per barrel in 2025, down from an average of $80 per barrel in 2024,” BMI, a subsidiary of Fitch Group, said in a note to clients.
“The bearish view is led by our outlook for fundamental data, which points to an oversupply this year, with supply growth outpacing demand growth by 485,000 barrels per day.”
