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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost four cents to $52.74 on the New York Merc, while Brent for August added 12 cents to $58.73 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13 to WTI ($39.74), down from a discount of $12.65. Natural gas for August added 4.4 cents to $2.77. The TSX energy index lost 1.08 points to close at 194.92.

Oil markets closed out a dismal week with even more bad news. The International Energy Agency (IEA) has released its Oil Market Report for July, forecasting that global oil demand growth will slow to 1.2 million barrels a day in 2016 from around 1.4 million barrels a day this year. A "massive oversupply" of oil indicates that the "rebalancing that began when oil markets set off an initial 60-per-cent price drop a year ago has yet to run its course," said the IEA. "Recent developments suggest that the process will extend well into 2016." World events, such as the potential for Greece to exit the eurozone (which could depress demand) or for Iran to reach a nuclear deal with the West (which could increase supply), could further shake the market, added the IEA. It concluded, "The bottom of the market may still be well ahead." The IAE's gloom was offset by optimism that Greece and its eurozone creditors might reach a deal over the weekend, and by reports that nuclear talks with Iran have stalled, again. Oil prices ended the day near yesterday's close.

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