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by Stockwatch Business Reporter
West Texas Intermediate crude for August delivery tumbled $8.25 to $95.84 on the New York Merc, while Brent for September lost $7.61 to $99.49, its first time below $100 since April (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.90 to WTI, down from a discount of $20.80. Natural gas for August lost 27 cents to $6.16. The TSX energy index lost 7.22 points to close at 207.42.
Oil prices plummeted as China, facing a flare-up of COVID outbreaks, placed nearly 30 million people under strict lockdowns and spurred fresh concerns about lower demand. Fears of recession in North America and Europe added to the bearish mood. On the supply side, markets remain on edge following yesterday's shutdown of the Nord Stream 1 pipeline, which carries Russian gas to Europe. The pipeline is ostensibly closed for seasonal maintenance, but European lawmakers have expressed concern that Russia could keep it closed indefinitely as retaliation against Western sanctions.
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