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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 82 cents to $91.79 on the New York Merc, while Brent for January lost 65 cents to $97.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.56 to WTI, up from a discount of $29.70. Natural gas for December added 54 cents to $6.94. The TSX energy index added a fraction of a point to close at 271.57.

Oil prices had a choppy day, as the Chinese government quashed rumours that it will start easing its stringent COVID Zero restrictions. Health officials stated over the weekend that the government will adhere "unswervingly" to its current policies, despite public frustration. China is currently facing its biggest surge in COVID cases in six months. The bearish news from China was somewhat offset by a dip in the U.S. dollar, as traders await the results of the midterms tomorrow and an inflation report on Thursday. A weaker dollar makes oil less expensive in other currencies, boosting demand.

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