Crude oil futures edged greater on Thursday, although the U.S. benchmark closed beneath $69 per barrel, as a big surplus is anticipated in 2025.
International crude provides are anticipated to outstrip demand by greater than 1 million barrels per day subsequent yr led by strong development within the U.S., in accordance with the Worldwide Power Company’s month-to-month market report.
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Listed here are Thursday’s closing vitality costs:
- West Texas Intermediate December contract: $68.70 per barrel, up 27 cents, or 0.39%. 12 months to this point, U.S. crude oil is down about 4%.
- Brent January contract: $72.56 per barrel, up 28 cents, or 0.39%. 12 months to this point, the worldwide benchmark is down practically 6%.
- RBOB Gasoline December contract: $1.9817 per gallon, up 0.84%. 12 months to this point, gasoline has fallen practically 6%.
- Pure Fuel December contract: $2.785 per thousand cubic ft, down 6.64%. 12 months to this point, fuel has gained practically 11%.
UBS slashed its worth forecast for international benchmark Brent to $80 per barrel from $87 beforehand on weakening demand in China, the world’s largest crude importer.
OPEC on Tuesday reduce its demand development forecast for the fourth month in a row earlier this week.
Oil costs have fallen greater than 4% since Donald Trump received the U.S. presidential election because the greenback has surged. A stronger buck can depress oil demand amongst consumers that maintain different currencies.
