Crude oil futures were on pace for weekly losses on Friday as supply disruptions and a strong dollar weighed on the market.
U.S. crude oil has fallen more than 2% this week, and Brent crude has fallen nearly 2%.
Friday's energy prices are:
- west texas intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Since the beginning of the year, U.S. crude oil prices have fallen about 4%.
- brent January contract: $72.36 per barrel, down 20 cents (0.28%). Year-to-date, global benchmarks are down nearly 6%.
- RBOB gasoline December contract: $1.99 per gallon, up 0.46%. Gasoline prices have fallen by more than 1% since the beginning of the year.
- natural gas December contract: $2.70 per 1,000 cubic feet, down 2.98%. Since the beginning of the year, gasoline prices have increased by more than 4%.
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.
