The price of U.S. crude oil increases, hovering around $69 per barrel.

• The International Energy Agency predicts that crude supplies will exceed demand by over 1 million barrels per day in 2022, primarily due to strong growth in the U.S.

On Thursday, crude oil futures experienced a slight increase, with the U.S. benchmark hovering around $69 per barrel. Despite this, the market outlook remains pessimistic.

The International Energy Agency predicts that global crude supplies will exceed demand by over 1 million barrels per day in the upcoming year, primarily due to the strong growth in the U.S.

Here are today's energy prices by 8:07 a.m. ET:

• The December contract for crude oil is $68.92 per barrel, which represents a 49-cent increase or 0.7% rise. Despite this, the year-to-date decline in U.S. crude oil is more than 3%.
• The January contract price per barrel is $72.78, a 50 cent increase, or 0.7%. However, the global benchmark for the year to date has decreased by more than 5%.
• The price of gasoline in December was $1.9711 per gallon, which represents a 0.3% increase. However, year to date, gasoline prices have decreased by almost 6%.
• The December contract price for gas is $2.966 per thousand cubic feet, which represents a 0.6% decrease. However, gas has experienced an almost 18% increase in value year to date.

UBS reduced its global benchmark Brent price forecast from $87 to $80 due to weakening demand in China, the world's largest crude importer.

Earlier this week, OPEC reduced its forecast for oil demand growth for the fourth consecutive month.

Since Donald Trump won the U.S. presidential election, the price of U.S. crude oil has decreased by approximately 4%, while Brent has fallen by 3.5%. The surge in the value of the U.S. dollar has contributed to this decline in oil prices, as a stronger dollar can reduce demand for oil among buyers who hold other currencies.