Oil prices saw a significant rise on Wednesday, supported by supply restrictions from Russia and OPEC members. At the same time, recent data indicated an increase in job openings in the United States, reflecting economic recovery that could boost oil demand.
Brent crude rose by 0.5% to reach $77.42 per barrel, while U.S. West Texas Intermediate crude gained 0.6% to settle at $74.69.
A Reuters report revealed that OPEC production declined in December after two consecutive months of increases. This decrease was attributed to maintenance activities in the UAE, which offset production gains from Nigeria and other group members.
In the U.S. labor market, job openings increased in November, while layoff rates remained low, indicating market resilience. These positive indicators strengthen optimism about U.S. economic activity, potentially leading to higher oil demand in the coming months.
An economic expert stated that strong U.S. labor market data sends positive signals to markets and supports expectations of increased oil consumption, particularly with continued declines in crude inventories.
Many analysts anticipate that oil prices will average lower this year compared to 2024, partly due to increased production from non-OPEC countries.
