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by Stockwatch Business Reporter
West Texas Intermediate crude for August delivery added $4.20 to $102.73 on the New York Merc, while Brent for September added $3.96 to $104.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.80 to WTI, unchanged. Natural gas for August added 79 cents to $6.30. The TSX energy index added 9.49 points to close at 220.06.
Oil prices climbed back into the triple digits, rallying after two days of steep losses, as the tug-of-war continued between fears of tight oil markets and fears of a global recession. Meanwhile, international oil major Shell was in a bullish mood as it released a preview of its second quarter financials. It has increased its long-term oil and gas price forecasts and thus expects to reverse up to $4.5-billion (U.S.) in past impairment charges. As well, it boasted that higher refining margins could add more than $1-billion (U.S.) to its profits. Shell will release the full financials on July 28.
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