Crude oil futures on Friday posted losses for the week as a looming supply glut and a strong dollar weighed on the market.
U.S. crude oil has fallen nearly 5% this week, and Brent crude has fallen nearly 4%.
Friday’s closing energy prices are:
west texas intermediate December contract: $67.02 per barrel, down $1.68 (2.45%). Year-to-date, U.S. oil prices have fallen more than 6%.brent January contract: $71.04 per barrel, down $1.52 (2.09%). Year-to-date, global benchmarks have fallen nearly 8%.RBOB gasoline December contract: $1.9493 per gallon, down 1.63%. Gasoline prices have fallen more than 7% since the beginning of the year.natural gas December contract: $2.823 per 1,000 cubic feet, up 1.36%. Year-to-date, gas prices have increased more than 12%.
The International Energy Agency expects strong U.S. production to lead to a surplus of more than 1 million barrels per day in 2025, but OPEC has forecast a surplus of more than 1 million barrels per day in 2025 as Chinese demand remains weak. The demand forecast has been revised downward.
The strength of the dollar is also having an impact on the market, as the dollar has soared following President-elect Donald Trump’s election victory.
Correction: RBOB’s December gasoline contract is down more than 7% this year, while its December natural gas contract is up more than 12%. A previous version of this article misstated a number.
