Crude oil heads to weekly loss as looming surplus depresses market

Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market.

U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%.

Here are Friday’s energy prices:

• West Texas Intermediate December contract: $68.56 per barrel, down 14 cents, or 0.2%. Year to date, U.S. crude oil has shed about 4%.
• Brent January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.
• RBOB Gasoline December contract:  $1.99 per gallon, up 0.46%. Year to date, gasoline has fallen more than 1%.
• Natural Gas December contract: $2.70 per thousand cubic feet, down 2.98%. Year to date, gas has gained more than 4%.

The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft.

A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump’s election victory.