According to Reuters, SingaporeWhile statistics indicating
an unexpected rise in U.S. job postings suggested rising economic activity and
a corresponding rise in oil demand, oil prices increased on Wednesday as
supplies from Russia and OPEC members constricted.
At 07:30 GMT, Brent crude was up 37 cents, or 0.5%, at $77.42 per barrel. At
$74.69, U.S. West Texas Intermediate crude increased 44 cents, or 0.6%.
According to a Reuters survey, oil production from the Organization of the
Petroleum Exporting Countries decreased in December following two months of
rises. Gains elsewhere in the company and an increase in Nigerian output were
counterbalanced by field maintenance in the United Arab Emirates.
Russia's oil production in December averaged 8.971 million
barrels per day, below the country's target, according to the energy ministry
quoted by Bloomberg.
In terms of the economy, the Job vacancies and Labor
Turnover Survey revealed that in November, there were more job vacancies in the
US and fewer layoffs, but employees were hesitant to leave.
"Robust U.S. economic data continues to bolster the
outlook for the U.S. economy and oil demand, further supported by a
larger-than-anticipated drawdown in crude inventories," Yeap Jun Rong, a
market strategist at IG,
"After trading within a prolonged tight range since October last year,
selling pressures may have been exhausted for now, paving the way for a modest
recovery," Yeap stated.
According to market sources, who cited data from the
American Petroleum Institute on Tuesday, U.S. crude oil stocks dropped last
week while fuel inventories increased.
According to economists, non-OPEC countries' increased
output will contribute to the average decline in oil prices this year compared
to 2024.
In a client note, Fitch Group subsidiary BMI stated, "We are sticking to
our forecast that Brent crude will average $76/bbl in 2025, down from an
average of $80/bbl in 2024."
0 Comments