Environment

U.S. crude oil edges higher but closes below $69 as large surplus expected next year

In this article

Crude oil futures rose slightly on Thursday, with the U.S. benchmark trading around $69 per barrel, though the market outlook remains bearish.

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 today’s energy prices by 8:07 a.m. ET:

  • West Texas Intermediate December contract: $68.92 per barrel, up 49 cents, or 0.7%. Year to date, U.S. crude oil is down more than 3%.
  • Brent January contract: $72.78 per barrel, up 50 cents, or 0.7%. Year to date, the global benchmark is down more than 5%.
  • RBOB Gasoline December contract:  $1.9711 per gallon, up 0.3%. Year to date, gasoline has fallen nearly 6%.
  • Natural Gas December contract: $2.966 per thousand cubic feet, down 0.6%. Year to date, gas has gained nearly 18%.

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.

U.S. crude oil has shed about 4% and Brent is down 3.5% since Donald Trump won the U.S. presidential as the dollar has surged. A stronger U.S. dollar can depress oil demand among buyers that hold other currencies.

Articles You May Like

£1bn funding boost for councils to tackle homelessness
Ancient Bronze Statues Unearthed from Etruscan Healing Spring in Italy
What Google’s quantum computing breakthrough Willow means for the future of bitcoin and other cryptos
Bitcoin trades around $97,000, recovers from earlier losses
Relative ‘desperate for news’ from cyclone-hit island as communities prepare emergency aid