Brent rose 44 cents, or 0.5%, to $81.73 per barrel, WTI were up 62 cents, or 0.8%, to $79.3 a barrel.

The Worldwide Rig Count for December was 1,660, down 49 from the 1,708 counted in November 2024, and down 79, from the 1,739 counted in December 2023.

Brent fell 6 cents to $73.85 a barrel, WTI was down 11 cents at $70.60 a barrel.

Consequently, Russia will increasingly rely on China and boost energy exports, particularly crude oil and natural gas, in 2025,

Our forecast Henry Hub natural gas spot price: Nov. 2024 average: ~$2.10/MMBtu Rest of winter average: ~$3.00/MMBtu

Brent edged up 7 cents to $73.48 a barrel, WTI was at $70.11 a barrel, up 9 cents.

The meeting was conducted to reinforce the precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. The aforementioned countries decided, in addition to the latest decisions from the 38th ONOMM, to extend the additional voluntary adjustments of 1.65 million barrels per day that were announced in April 2023, until the end of December 2026.

India's rising Russian imports have come at the expense of rival Middle Eastern producers. The Reliance-Rosneft deal would represent another challenge for competitors, including Saudi Arabia.

The Worldwide Rig Count for November was 1,708, down 46 from the 1,754 counted in October 2024, and down 86, from the 1,794 counted in November 2023.

Brent fell 6 cents, or 0.1%, to $72.03 per barrel, WTI lost 1 cent to $68.29 per barrel.