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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 18 cents to $88.56, while Brent for January eked out a two-cent gain to $95.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.80 to WTI, up from a discount of $30.30. Natural gas for December lost 11 cents to $3.23. The TSX energy index added 3.82 points to close at 448.74.

Oil prices notched their second straight weekly decline. "The oil market is showing tentative signs of rebalancing, with global oil supplies surpassing demand for the first time since the outbreak of the war in Iran," said the International Energy Agency (IEA) today in a closely watched monthly report. The agency said Middle East exports are recovering faster than global demand, leading to a projected surplus of 1.7 million barrels a day in the fourth quarter.

The IEA maintained its forecast that global oil demand will fall by 2.7 million barrels a day in 2026, before rebounding in 2027 and rising by two million barrels a day. This remains stubbornly at odds with OPEC, which released its own monthly report on Wednesday, forecasting that demand will eke out a 200,000-barrel-a-day increase in 2026 and then soar by 2.6 million barrels a day in 2027.

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