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by Stockwatch Business Reporter
West Texas Intermediate crude for November delivery edged down 16 cents to $75.26 on the New York Merc (all figures in this para U.S.). Brent for November, after briefly crossing $80 for the first time in nearly three years, retreated and lost 44 cents to $79.09. Western Canadian Select traded at a discount of $11.75 to WTI, down from a discount of $11.70. Natural gas for October added 13 cents to $5.84. The TSX energy index lost a fraction to close at 142.69.
Brent oil prices reached an intraday high today of $80.75 (U.S.), the highest level since October, 2018. The rally ran out of steam at that point -- probably reflecting profit-taking, said several analysts -- but the bulls still had a staunch supporter in OPEC. The group released its 2021 World Oil Outlook this morning. "Energy and oil demand have picked up significantly in 2021 ... Continued expansion is forecast for the longer term," wrote Secretary-General Mohammed Barkindo in the foreword to the report. The report went on to predict that oil demand will exceed pre-COVID levels and hit 101.6 million barrels a day in 2023.
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