Oil surges 3%, Brent crosses $82

Oil drilling rigs

Oil prices extended gains today, Jan. 15, as markets assessed US data showing crude inventories fell for the eighth straight week, following the release of monthly oil market forecasts from OPEC and the International Energy Agency (IEA).

Brent crude futures for March delivery rose 2.65%, or $2.11, to close at $82.03 a barrel. WTI crude futures for February delivery rose 3.3%, or $2.54, to $80.04 a barrel.

OPEC expects global demand for crude oil to rise to 105.2 million barrels per day in 2025, while the IEA sees total demand at 104 million barrels per day this year, noting that US sanctions on Russia could affect oil supply flows.

The Energy Information Administration data revealed that US crude inventories fell by two million barrels during the week ended Jan. 10, with oil production falling by about 82,000 barrels to 13.48 million barrels per day.

Capping the gains were reports of a ceasefire in Gaza with a swap of Israeli hostages for Palestinian prisoners, paving the way for a possible end to a 15-month war that has stoked geopolitical tensions in the Middle East.