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.Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market.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%.January contract: $72.36 per barrel, down 20 cents, or 0.28%. Year to date, the global benchmark has lost nearly 6%.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.