A pump jack operates in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018.
- Crude supplies are expected to outstrip supply by more than 1 million barrels per day next year led by robust growth in the U.S., according to the International Energy Agency.
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.
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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.
Money Report
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.
