Oil futures rose slightly on Thursday, with the U.S. benchmark trading around $69 a barrel, but the market outlook remains bearish.
Global oil supply next year is expected to exceed demand by more than 1 million barrels per day, driven by strong growth in the United States, according to the International Energy Agency's monthly market report.
Below are today's energy prices as of 8:07 a.m. ET.
- west texas intermediate December contract: $68.92 per barrel, up 49 cents (0.7%). U.S. oil prices have fallen more than 3% since the beginning of the year.
- brent January contract: $72.78 per barrel, up 50 cents, or 0.7%. Year-to-date, global benchmarks are down more than 5%.
- RBOB gasoline December contract: $1.9711 per gallon, up 0.3%. Gasoline prices have fallen nearly 6% since the beginning of the year.
- natural gas December contract: $2.966 per 1,000 cubic feet, down 0.6%. Year-to-date, gas prices have increased nearly 18%.
UBS has lowered its price forecast for global benchmark Brent crude to $80 per barrel from $87, due to declining demand from China, the world's largest oil importer.
OPEC on Tuesday revised down its demand growth forecast for the fourth consecutive month earlier this week.
Since Donald Trump was elected U.S. president, U.S. crude oil has fallen about 4% and Brent crude has fallen 3.5% as the dollar has soared. A stronger U.S. dollar could reduce oil demand from buyers holding other currencies.
