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by Stockwatch Business Reporter
West Texas Intermediate crude for October delivery lost 47 cents to $87.31 on the New York Merc, while Brent for November lost 83 cents to $93.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.38 to WTI, unchanged. Natural gas for October added three cents to $8.28. The TSX energy index lost 1.74 points to close at 237.22.
OPEC is sticking to its predictions of sturdy oil demand in 2022 and 2023, saying the recent drop in prices reflects "erroneous signals" rather than actual supply and demand. "The paper and physical markets have become increasingly more disconnected," the cartel said in its closely watched monthly report, released today. While it acknowledged a "market narrative of worsening economic and demand outlook," it insisted that demand is actually "healthy," supported by "still-solid economic performance in major consuming countries, as well as potential improvements in COVID-19 restrictions and reduced geopolitical uncertainties." It kept its forecasts the same as last month.
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