Oil soared on Wednesday amid limited supplies from Russia and OPEC while according to figures from the American Petroleum Institute the oil stocks dropped the previous week.

Prices were also bolstered by an unexpected rise in U.S. job openings, which suggested an expansion in economic activity and a subsequent rise in demand.

Brent crude rose by 0.90% at $77.74 per barrel while US WTI added 1.17% to $75.12.

As revealed by Reuters survey, the oil production from OPEC declined in December following two months of growth. Maintenance work in the UAE counterbalanced an increase in Nigerian output and gains in other member countries.

Tchilinguirian stated that the rise in prices was probably driven by positive API data, which indicated a drop of approximately 4 million barrels in U.S. crude inventories, despite significant increases in gasoline and distillate stocks.

Looking ahead, analysts predict that oil prices will be lower on average this year compared to 2024, partly due to production hikes from non-OPEC countries.

Analysts foresee oil prices averaging lower this year compared to 2024, partly driven by production gains from non-OPEC nations.