- The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S.
- A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump's election victory.
Crude oil futures on Friday posted a loss for the week, as a looming supply glut and a strong dollar depresses the market.
U.S. crude oil lost nearly 5% this week, while Brent has declined nearly 4%.
Here are Friday's closing energy prices:
- West Texas Intermediate December contract: $67.02 per barrel, down $1.68, or 2.45%. Year to date, U.S. crude oil has shed more than 6%.
- Brent January contract: $71.04 per barrel, down $1.52, or 2.09%. Year to date, the global benchmark has lost nearly nearly 8%.
- RBOB Gasoline December contract: $1.9493 per gallon, down 1.63%. Year to date, gasoline has fallen more than 7%.
- Natural Gas December contract: $2.823 per thousand cubic feet, up 1.36%. Year to date, gas has gained more than 12%.
The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.
Money Report
A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump's election victory.
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Correction: The RBOB Gasoline contract for December is down more than 7% this year, while the December natural gas contract has gained more than 12%. A previous version of this story misstated the figures.
