Oil prices ticked higher on Wednesday, as growth in U.S. oil production is expected to remain largely steady through 2025, easing worries of excess supply. Brent crude futures rose 38 cents, or 0.5%, to $78.97 a barrel as of 0013 GMT, while U.S. West Texas Intermediate crude climbed 41 cents, or 0.6%, to $73.72.

Both contracts had gained slightly on Monday. U.S. domestic production will not exceed the December 2023 record of more than 13.3 million barrels per day until February 2025, the U.S. Energy Information Administration (EIA) said on Tuesday in its short term energy outlook.

Also Read