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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery plunged $3.08 to $85.83 on the New York Merc, while Brent for January lost $2.71 to $92.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.10 to WTI, up from a discount of $29.22. Natural gas for December lost 27 cents to $5.87. The TSX energy index lost 11.25 points to close at 257.62.
Oil prices foundered in a sea of bearish headlines. China's capital city, Beijing, and its manufacturing capital, Guangzhou, are facing a surge in COVID outbreaks, prompting fears of lockdowns and lower fuel demand. Meanwhile, data from the U.S. Energy Information Administration showed that U.S. crude inventories swelled by 3.9 million barrels last week, more than double the 1.4-million-barrel increase predicted by analysts. Adding to the general jitters are the too-close-to-call results of yesterday's U.S. midterms, which have yet to produce a clear answer on which party will control Congress.
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