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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 52 cents to $95.78 on the New York Merc, while Brent for September lost 47 cents to $99.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.90 to WTI, unchanged. Natural gas for August lost nine cents to $6.60. The TSX energy index lost 3.54 points to close at 203.28.

Oil prices extended their dip below $100 (U.S.), on persistent fears of a global recession. Oil bulls matched this persistence at every step. "Our severe downside scenario still implies prices above current market forwards," wrote Goldman Sachs analysts Damien Courvalin, Callum Bruce, Jeffrey Currie and Romain Langlois in a new report. They have been "stress testing [their] bullish view" to account for "large potential shocks." Even in their worst-case scenarios, they gave Brent a fair value of $105 (U.S.) to $120 (U.S.) for the second half of 2022, "well above market forwards." They concluded that today's wobbly prices are "squarely skewed to the upside."

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