U.S. crude oil edges higher but closes below $69 as large surplus expected next year
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Crude oil futures edged higher on Thursday, though the U.S. benchmark closed below $69 per barrel, as a large surplus is expected in 2025.
Global crude supplies are expected to outstrip demand by more than 1 million barrels per day next year led by robust growth in the U.S., according to the International Energy Agency’s monthly market report.
Here are Thursday’s closing energy prices:
- West Texas Intermediate December contract: $68.70 per barrel, up 27 cents, or 0.39%. Year to date, U.S. crude oil is down about 4%.
- Brent January contract: $72.56 per barrel, up 28 cents, or 0.39%. Year to date, the global benchmark is down nearly 6%.
- RBOB Gasoline December contract: $1.9817 per gallon, up 0.84%. Year to date, gasoline has fallen nearly 6%.
- Natural Gas December contract: $2.785 per thousand cubic feet, down 6.64%. Year to date, gas has gained nearly 11%.
UBS slashed its price forecast for global benchmark Brent to $80 per barrel from $87 previously on weakening demand in China, the world’s largest crude importer.
OPEC on Tuesday cut its demand growth forecast for the fourth month in a row earlier this week.
Oil prices have fallen more than 4% since Donald Trump won the U.S. presidential election as the dollar has surged. A stronger greenback can depress oil demand among buyers that hold other currencies.
