Oil prices are on track for weekly declines Friday as markets remain weighed down by a persistent global supply surplus, with crude and refined products trading lower midday.
As of 10:50 a.m. ET, the NYMEX January West Texas Intermediate contract was trading 19cts lower at $57.41/bbl, while the February WTI contract was down 23cts to $57.22/bbl.
The ICE February Brent contract was 20cts lower at $61.08/bbl, and the March Brent contract was down 22cts at $60.84/bbl.
Refined products also traded lower, with the NYMEX January ULSD contract down 3.04cts at $2.1985/gal and February ULSD down 2.82cts at $2.1905/gal.
The January RBOB contract traded 0.78ct lower at $1.752/gal, while February futures were down 0.89ct at $1.7551/gal.
Production growth continues to outpace demand, keeping prices pressured despite supply disruptions. Geopolitical developments, including U.S. actions against Venezuelan oil shipments and Ukrainian strikes on Russian infrastructure, have provided only limited support, as their impact is overshadowed by the overall glut.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
12-12-25 1211ET
