Crude oil prices climbed higher today after reports revealed production cuts by OPEC and Russia in December, coupled with positive US employment figures indicating a robust economy. Both Brent crude and West Texas Intermediate traded above their opening prices, fueled by expectations of sustained demand. Analysts suggest that the rally might be temporary, with potential profit-taking and the looming threat of global economic headwinds.
Crude oil prices moved higher today, after the release of production data from OPEC and Russia, showing both declined in December. An additional bullish factor for oil was a new employment survey from the United States, which showed layoffs were low and job openings were growing, suggesting a strong economy. At the time of writing, Brent crude was trading at $77.34 per barrel, and West Texas Intermediate was changing hands for $74.65 per barrel, both up from opening. “Robust U.S.
“Cold fronts in the US and Europe are driving crude higher, with some support from concerns over the loss of Iranian barrels if the Trump administration tightens sanctions,” Vandana Hari, founder of Singapore-based Vanda Insights, told Bloomberg. “Nonetheless, crude looks overbought. It may yield to profit-taking, though that might need a reminder of the global economic headwinds.
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