Oil prices increased on Wednesday as supplies from Russia and members of the Organization of the Petroleum Exporting Countries (OPEC) tightened, while data showing an unexpected rise in US job openings indicated expanding economic activity and subsequent growth in oil demand. Brent crude climbed 32 cents, or 0.42 percent, to $77.37 a barrel at 0135 GMT (9:35 a.m. in Manila). US West Texas Intermediate crude rose 42 cents, or 0.57 percent, to $74.67.
\Oil output from OPEC members declined in December following two months of increases, a Reuters survey revealed. Field maintenance in the United Arab Emirates countered a Nigerian output surge and gains elsewhere in the group. \In Russia, oil output averaged 8.971 million barrels of crude oil (bbl) a day in December, below the country's target, Bloomberg reported. \On the economic front, job openings surged in the United States in November, and the number of layoffs remained low, while workers displayed reluctance to leave, the Job Openings and Labor Turnover Survey indicated. Oil prices tend to rise with economic growth. \'The November Jolts data, when combined with recent employment reports, demonstrates a labor market returning to pre-pandemic normalcy,' Capital Economics stated in a client note. \Elsewhere in the US, crude oil inventories fell last week, while fuel inventories rose, market sources reported, citing American Petroleum Institute figures on Tuesday. \Looking ahead, analysts anticipate oil prices to average lower this year compared to 2024, partly due to production increases from non-OPEC nations. \'We are adhering to our forecast for Brent crude to average $76/bbl in 2025, down from an average of $80/bbl in 2024,' BMI, a division of Fitch Group, stated in a client note. 'The bearish outlook is driven by our fundamental data forecast, which indicates an oversupply this year, with supply growth exceeding demand growth by 485,000 barrels per day.
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