Oil prices edged higher on Wednesday, driven by tighter supply from OPEC and Russia alongside robust United States economic data, which hinted at sustained economic activity and potential growth in oil demand.
By 3:15 pm AEDT (4:15 am GMT) Brent crude was up by $0.24 or 0.3% at US$77.29 per barrel, while U.S. West Texas Intermediate crude gained $0.33 or 0.4% to $74.58 per barrel.
A Reuters survey revealed that oil production from the Organisation of the Petroleum Exporting Countries (OPEC) declined in December, marking the first drop in three months. The decrease was largely attributed to field maintenance in the United Arab Emirates, which outweighed production increases in Nigeria and other OPEC members.
In the U.S., job openings rose unexpectedly in November, and layoffs remained low, according to the Job Openings and Labor Turnover Survey (JOLTS).
Crude oil inventories in the U.S. also declined last week, although fuel stocks saw an increase, as reported by the American Petroleum Institute.