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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $3.09 to $85.87 on the New York Merc, while Brent for January lost $2.85 to $93.14 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.07 to WTI, up from a discount of $29.10. Natural gas for December added five cents to $5.93. The TSX energy index lost 3.88 points to close at 265.96.

Oil prices tumbled as Chinese COVID cases climbed. Beijing, Guangzhou and other major Chinese cities reported record infections today, spurring concerns about lockdowns and reduced fuel demand. Meanwhile, in its closely watched monthly report, OPEC made yet another reduction to its 2022 and 2023 forecasts of global oil demand. This is the fifth time that the group has lowered its demand estimates since April.

Here in Canada, the Riverstone-backed Pipestone Energy Corp. (PIPE) edged up four cents to $3.52 on 2.29 million shares, attempting to enter this week on firmer footing than it ended last week. The stock has fallen from $4.51 since releasing its third quarter financials last Wednesday. They were so poorly received that Pipestone is now one of the only stocks in the sector trading near 52-week lows.

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