U.S. crude oil edges lower, trades below $69 as large surplus expected next year

Crude oil futures fell slightly on Thursday, with the U.S. benchmark trading below $69 per barrel, as a large surplus is expected in 2025.

Global crude supplies are expected to outstrip demand by more than 1 million barrels per day next year led by robust growth in the U.S., according to the International Energy Agency’s monthly market report.

Here are today’s energy prices by 12:29 p.m. ET:

• West Texas Intermediate December contract: $68.30 per barrel, down 13 cents, or 0.19%. Year to date, U.S. crude oil is down nearly 5%.
• Brent January contract: $72.17 per barrel, down 11 cents, or 0.15%. Year to date, the global benchmark is down more than 6%.
• RBOB Gasoline December contract:  $1.9706 per gallon, up 0.28%. Year to date, gasoline has fallen more than 6%.
• Natural Gas December contract: $2.872 per thousand cubic feet, down 3.72%. Year to date, gas has gained more than 14%.

UBS slashed its price forecast for global benchmark Brent to $80 per barrel from $87 previously on weakening demand in China, the world’s largest crude importer.

OPEC on Tuesday cut its demand growth forecast for the fourth month in a row earlier this week.

U.S. crude oil has shed about 4% and Brent is down 3.5% since Donald Trump won the U.S. presidential election as the dollar has surged. A stronger greenback can depress oil demand among buyers that hold other currencies.