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by Stockwatch Business Reporter
West Texas Intermediate crude for November delivery added $1.07 to $73.30 on the New York Merc, while Brent for November added $1.06 to $77.25 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.65 to WTI, down from a discount of $11.45. Natural gas for October added 17 cents to $4.98. The TSX energy index added 3.72 points to close at 136.59.
Winter is coming, and a colder-than-usual one could push oil prices above $90 (U.S.) a barrel, according to a new forecast from Goldman Sachs. The bank's head of commodities research, Jeff Currie, made the prediction yesterday during a Bloomberg Television interview. "Supply chains are so severely depleted that the system cannot accommodate any type of disruption," said Mr. Currie. He was referring not just to low oil inventories, but also tight gas supplies. Higher gas prices are already causing havoc in Europe and will boost demand for oil as an alternative fuel.
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