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Oil headed for a weekly drop, weighed down by the impact of a stronger dollar and concerns the global market will flip to a glut next year.
Author of the article:
Bloomberg News
Yongchang Chin
Published Nov 14, 2024 • 1 minute read
(Bloomberg) — Oil headed for a weekly drop, weighed down by the impact of a stronger dollar and concerns the global market will flip to a glut next year.
West Texas Intermediate was steady near $69 a barrel, and more than 2% lower this week, while Brent closed above $72. The International Energy Agency said on Thursday it expects a surplus next year as demand growth in China slows while output swells. The glut would be even bigger if OPEC+ pressed on with plans to revive halted production, it said.
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Commodities including crude have struggled this week as a gauge of the dollar rallied to the highest in two years, powering upward in the aftermath of Donald Trump’s election victory. The US currency is set for its seventh weekly gain, making raw materials more expensive for most buyers.
Crude has been alternating between weekly gains and losses since mid-October, buffeted by tensions in the Middle East, the prospect of oversupply going into next year, and shifts in currency markets. Chinese consumption has also been a major focus, and industrial production data due later on Friday will give traders fresh insights into demand trends in the top importer.
Elsewhere, US oil stockpiles rose by about 2.1 million barrels last week, above an industry estimate, There was also a major, 4.4-million-barrel gasoline draw, which cut holdings to the lowest in a decade for this time of the year.
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