RoydadNaft –  The price of a barrel of Brent North Sea crude rose by 29 cents, or 0.38 percent, to $77.34 a barrel today.

Oil prices rose on Wednesday following a reduction in supply from Russia and OPEC producers. On the other hand, US economic data indicated that economic activity was expanding and, as a result, demand for oil was growing.

The price of a barrel of Brent North Sea crude rose by 29 cents, or 0.38 percent, to $77.34 a barrel today. US West Texas Intermediate crude also rose by 38 cents, or 0.51 percent, to $74.63 a barrel.

Reuters research shows that oil production by the Organization of the Petroleum Exporting Countries (OPEC) fell in December after two consecutive months of increases. The maintenance of oil fields in the UAE has offset the increase in production in Nigeria and other regions.

Russia’s oil production averaged 8.971 million barrels per day in December, below the country’s production target.

On the economic front, U.S. job openings increased in November and layoffs fell. Oil prices typically rise in line with economic growth.

On the other hand, data from the American Petroleum Institute showed that U.S. crude inventories fell last week, but fuel inventories rose.

Many analysts believe that average oil prices this year will be lower than in 2024 due to increased production by non-OPEC countries.

Brent crude is expected to average $76 per barrel this year, down from $80 per barrel last year.