U.S. crude oil prices have experienced a slight increase, trading at approximately $69 per barrel, despite a bearish market outlook.

The International Energy Agency predicts that global crude supplies will surpass demand by more than 1 million barrels per day next year, driven by strong growth in U.S. production.

As of 8:07 a.m. ET, the West Texas Intermediate December contract is priced at $68.92 per barrel, up 49 cents, while the Brent January contract stands at $72.78 per barrel, also up 50 cents.

Year-to-date figures show that U.S. crude oil has declined by over 3%, and Brent has fallen by more than 5%.

The RBOB Gasoline December contract is trading at $1.9711 per gallon, reflecting a nearly 6% drop this year, while natural gas has gained almost 18%, currently priced at $2.966 per thousand cubic feet.

UBS has revised its price forecast for Brent down to $80 per barrel from $87, citing weakening demand in China, the largest crude importer.

Additionally, OPEC has cut its demand growth forecast for the fourth consecutive month, further indicating a challenging environment for oil prices.

The stronger U.S. dollar has also contributed to the decline in oil demand among international buyers.