Environment

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

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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.

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