The oil prices They rose this Wednesday due to the reduction in supplies from Russia and the members of OPECwhile oil stocks in the United States fell last week, market sources reported, citing figures from the American Petroleum Institute (API).
Likewise, the unexpected increase in job offers in the United States contributed to the expansion of economic activity and the subsequent growth in oil demand.
At 09:54 GMT, the Brent rose 69 cents, or 0.9%, to $77.74 a barrel, and the West Texas Intermediate In the United States it gained 87 cents, or 1.17%, to $75.12.
Oil production in the Organization of the Petroleum Exporting Countries fell in December after rising for two months, according to a Reuters poll. The maintenance of the fields in the United Arab Emirates counteracted the increase in production in Nigeria and other countries in the group.
In Russia, average oil production was 8.971 million barrels per day in December, below the country’s target, Bloomberg reported citing the Energy Ministry.
“The oil price recovery “It comes against a backdrop of lower crude oil exports from Russia as seaborne exports from Western ports continue to decline relative to their October 2024 peak,” said Harry Tchilinguirian of Onyx Capital Group.
In addition, he indicated that the upward price momentum was probably fueled by the API figures, which showed a decline of about 4 million barrels in US crude stocks, despite the considerable increase in gasoline and distillate inventories.
“The optimistic mood appears to persist as oil prices continue to rise due to a combination of weather support, possible sanctions on Russia and hopes for a revival of Chinese demand,” said Tamas Varga, of the PVM brokerage.
