Oil prices rose on Wednesday as supplies from Russia and members of the Organization of the Petroleum Exporting Countries tightened while U.S. crude oil stocks fell last week, market sources said, citing American Petroleum Institute figures.
Brent crude acquired three cents at $77.08 a barrel. U.S. West Texas Intermediate crude climbed 20 cents, or 0.3%, to $74.45.
Oil output from OPEC fell in December after two months of increases, a Reuters survey showed. Field maintenance in the United Arab Emirates offset a Nigerian output hike and gains elsewhere in the group.
In Russia, oil output averaged 8.971 million barrels a day in December, below the country’s target, Bloomberg reported citing the energy ministry.
Going forward, analysts expect oil prices to be on average down this year from 2024 due in part to production increases from non-OPEC countries.