Oil prices are rising due to reduced supplies from Russia and OPEC nations.

Oil prices rose on Wednesday due to a decrease in supply from Russia and OPEC countries. This was also aided by an unexpected increase in job vacancies in the U.S., indicating an economic upturn and consequently a rise in oil demand.

According to Reuters.

The price of Brent crude increased by 28 cents (0.36%) to reach $77.33 per barrel. The price of West Texas Intermediate crude rose by 40 cents (0.54%), reaching $74.65 per barrel.

According to a Reuters survey, OPEC oil production decreased in December after a two-month period of growth. The decline was attributed to maintenance work at oil fields in the UAE, which offset production increases in Nigeria and other countries in the group.

Bloomberg reports, citing the Ministry of Energy, that the average daily oil production in Russia in December was 8.971 million barrels, which is below the planned level.

Regarding the U.S. economy, November saw an increase in job vacancies, a low rate of layoffs, and a reluctance among workers to leave their jobs, as indicated by the JOLTS report.

“Strong economic indicators in the U.S. contribute to positive forecasts for the economy and oil demand. This effect is amplified by a larger-than-expected reduction in oil inventories,” noted IG market strategist Yeap Jun Rong.

“After a period of stability that lasted since October last year, selling pressure has eased, creating conditions for moderate recovery,” he added.

Sources indicate that U.S. crude oil inventories decreased last week, while fuel stocks increased. This information is based on data from the American Petroleum Institute.

Analysts predict that average oil prices in 2025 will be lower than in 2024, partly due to increased production in non-OPEC countries.

Background. Earlier, Mind reported that oil prices have been rising for six consecutive days. The price of Brent crude is hovering around $77 per barrel.