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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery tumbled $7.66 to $96.46, while Brent for January (new front month) lost $8.66 to $104.77 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.70 to WTI, up from a discount of $35.30. Natural gas for December lost four cents to $2.85. The TSX energy index lost 23.88 points to close at 469.81.

Oil prices plunged on signs of diplomatic progress toward ending the U.S.-Iran war. Meanwhile, in a closely watched weekend meeting, a core group of seven OPEC+ producers agreed to keep their oil production quotas unchanged in December, the third month of steady targets. (Although Gulf OPEC members have begun restoring exports disrupted by the war, most are still producing well below their targets.) As well, in a Sunday research note, Goldman Sachs hiked its base-case 2027 Brent forecast to $88 (U.S.) from $80 (U.S.), adding that prices could climb much higher if the war drags on. It outlined a scenario in which Brent reaches $140 (U.S.) in 2027 and averages $130 (U.S.).

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