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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 86 cents to $57.60 on the New York Merc, while Brent for February lost 91 cents to $61.28 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.10 to WTI, up from a discount of $14.00. Natural gas for January lost 36 cents to $4.23. The TSX energy index lost 2.20 points to close at 303.37.

Oil prices lost ground as economic pessimism outweighed escalating tensions between the United States and Venezuela. A rare glimmer of optimism came from, of all places, the International Energy Agency (IEA) in its latest monthly oil market report. The agency has lifted its 2026 global oil demand forecast and trimmed its estimate of a record supply glut for the first time since May. Even so, the IEA sees supply exceeding demand by 3.84 million barrels a day (down from 4.09 million in last month's report). By contrast, in its own monthly report today, OPEC said it sees no glut in 2026 and instead a close supply-demand balance.

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