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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.17 to $88.48 on the New York Merc, while Brent for November added 93 cents to $94.10 (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 83 cents to $9.11. The TSX energy index added 7.13 points to close at 244.35.

Oil prices headed higher as traders combed through competing headlines. The International Energy Agency (IEA) released its closely watched monthly report this morning, cutting its forecast for global oil demand in 2022 -- while adding that COVID-afflicted China could see demand fall for the first time in more than three decades -- but predicting a sharp rebound in 2023. Meanwhile, prices got a boost from the threat of a large-scale U.S. railway strike that could start as early as Friday. U.S. refiners are urging Congress to intervene and prevent what could be major disruptions to oil and gas deliveries. (The U.S. fuel and petrochemical industry sees roughly two million carloads of feedstock and refined products moved by rail annually.)

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