As a result of a strong dollar and an impending supply glut, crude oil futures reported a weekly loss on Friday.
This week, U.S. crude oil fell by almost 5%, while Brent fell by almost 4%.
These are the closing energy prices for Friday:
West Texas Intermediate contract for December: $67.02 per barrel, a 2.45% decrease of $1.68. U.S. crude oil has lost about 6% of its value so far this year.
Brent January contract: down $1.52, or 2.09%, per barrel at $71.04. Almost 8% has been lost by the worldwide benchmark so far this year.
RBOB Gasoline December contract: 1.63% decrease, $1.9493 per gallon. Petrol has decreased by over 7% so far this year.
December natural gas contract: up 1.36% to $2.823 per thousand cubic feet. Gas has risen more than 12% so far this year.
Based on strong U.S. production, the International Energy Agency has predicted a surplus of over 1 million barrels per day in 2025. Due to the continued weakness of Chinese demand, OPEC lowered its demand projection for the fourth consecutive month.
Because the dollar has risen since President-elect Donald Trump’s election victory, a strong dollar also looms large over the market.
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