Crude oil heads to weekly loss as looming surplus depresses market

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

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Crude oil futures were on pace Friday for a 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%.

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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.