Oil prices rose on Wednesday as supplies from Russia and OPEC members contracted. Data showed an unexpected increase in U.S. jobs due to expanding economic activity and subsequent growth in oil demand.
Brent crude rose 32 cents, or 0.42 percent, to $77.37 a barrel. U.S. West Texas Intermediate crude rose 42 cents, or 0.57 percent, to$74.67.
A Reuters survey showed OPEC oil output fell in December after a two-month increase. Oil prices are expected to fall on average this year compared to 2024 due to production increases from non-OPEC countries.
Source (Al-Arabiya.net Website, Edited)
