The price of U.S. crude oil surpasses $69 per barrel following two consecutive days of declines.

• This week, the U.S. benchmark has lost over 5%, while the Brent global benchmark has fallen by 7.2%.
• Crude oil futures have lost all gains for the year.

On Thursday, the price of U.S. crude oil surpassed $69 per barrel, approaching a nearly nine-month low, as market concerns about the equilibrium of supply and demand for the remainder of the year persist.

This week, the U.S. benchmark has dropped more than 5%, while the Brent global benchmark has fallen 7.2%. Additionally, crude oil futures have lost all gains for the year.

Here are Thursday's energy prices:

• Gasoline prices have remained relatively stable in October, with a price of $1.95 per gallon. Despite this, gasoline prices have decreased by 7% year to date.
• The October contract price for natural gas is $2.16 per thousand cubic feet, which represents an increase of more than 1 cent or 0.61%. Despite this, the year-to-date price of gas has fallen by 14%.

In China, oil demand is declining, while in the US, the gasoline driving season has ended, according to Andy Lipow, president of Lipow Oil Associates, who shared this information on CNBC's "Street Signs" Thursday.

As the consumer's demand for crude oil decreases during the lower demand period, the seasonal refining maintenance period in the United States and Europe will further decrease demand, according to Lipow.

Concerns arise that more supply may enter the market as demand decreases. OPEC+ intends to boost production in October, and Libya's output could increase due to a recent agreement between rival governments to resolve a conflict that affected exports.

"OPEC faces several challenges in the coming months, as Lipow stated, with a goal of $85 to $90 per barrel for Brent crude oil to balance their budgets."