Crude oil futures on Friday posted a loss for the week as a looming provide glut and a robust greenback dampened the market.
US crude has misplaced almost 5% this week, whereas Brent is down almost 4%.
Listed below are Friday’s closing power costs:
- West Texas Intermediate December contract: $67.02 a barrel, down $1.68, or 2.45%. Yr-to-date, US crude oil has misplaced greater than 6%.
- Brent January contract: $71.04 a barrel, down $1.52, or 2.09%. Yr-to-date, the worldwide benchmark has misplaced almost 8%.
- RBOB Gasoline December contract: $1.9493 a gallon, down 1.63%. Gasoline has develop into cheaper by greater than 7% yr to this point.
- Natural gas December contract: $2,823 per thousand cubic toes, up 1.36%. Yr to this point, fuel has risen in worth by greater than 12%.
The Worldwide Vitality Company forecasts a surplus of greater than 1 million barrels per day in 2025. with regular US manufacturing. OPEC revised down its demand forecast for the fourth month in a row as demand in China stays weak.
A robust greenback can be hanging over the market because the dollar surged following the president-elect Donald Trumpthe election victory of.
Correction: The December RBOB gasoline contract is down greater than 7% this yr, whereas the December pure fuel contract is up greater than 12%. An earlier model of this story misstated the numbers.
