WASHINGTON (dpa-AFX) - Oil prices traded higher on Wednesday, extending a bounce from the prior session as industry data pointed to a drop in U.S. crude oil inventories for the week ending January 3.
Benchmark Brent crude futures jumped 0.9 percent to $77.77 a barrel in European trade while WTI crude futures were up 1.3 percent at $75.22.
According to the American Petroleum Institute (API), crude oil inventories in the U.S. declined by 4.022 million barrels last week while analysts had expected a 250,000-barrel draw.
That will be a second straight week of draws for inventories, if confirmed by official data later in the session.
Oil prices also remain supported by signs of tighter OPEC supply and a resilient U.S. economy.
Data from Reuters showed oil production by countries in the Organization of Petroleum Exporting Countries fell in December, with maintenance activity in the United Arab Emirates offsetting a production hike in Nigeria.
The Job Openings and Labour Turnover Survey, or JOLTS report, from the U.S. Labour Department on Tuesday showed layoffs remained low in November and workers were reluctant to quit their jobs.
The vacancies-to-unemployed ratio held just below its average of 1.2 before the COVID-19 pandemic, boosting optimism for improved fuel demand in a major consumer of crude oil in the world market.
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