The market for crude oil is experiencing a decline, with the potential for a weekly loss due to the anticipation of an oversupply.

• In 2025, the U.S. will have a surplus of more than 1 million barrels per day, according to the International Energy Agency's forecast.
• The surge of the greenback in the wake of President-elect Donald Trump's election victory has resulted in a strong dollar hanging over the market.

On Friday, crude oil futures were heading towards a weekly loss due to a supply glut and a strong dollar negatively impacting the market.

This week, the decline in U.S. crude oil is over 2%, and Brent has lost almost 2%.

Here are Friday's energy prices:

• The December contract price for crude oil is $68.56 per barrel, which is a 14-cent decrease or 0.2% less than the previous month. To date in the year, the US has lost approximately 4% of its crude oil.
• The January contract price of $72.36 per barrel represents a 20 cent decrease, or 0.28%, compared to the year-to-date global benchmark loss of nearly 6%.
• The price of gasoline in December is $1.99 per gallon, which represents a 0.46% increase. However, year to date, gasoline prices have decreased by more than 1%.
• The December contract price for gas is $2.70 per thousand cubic feet, which represents a 2.98% decrease. However, year to date, gas has experienced a more than 4% increase in value.

In 2025, the International Energy Agency predicts a surplus of over 1 million barrels per day due to strong production in the U.S. Meanwhile, OPEC has lowered its demand forecast for the fourth month in a row, citing soft demand in China.

The surge of the greenback in the wake of President-elect Donald Trump's election victory has resulted in a strong dollar hanging over the market.