Oil Prices Climb on OPEC Data and a Strong U.S. Economy

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. economic data continues to bolster the outlook for the U.S.…