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.
A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump‘s election victory.
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.
