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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery added $1.05 to $86.92 on the New York Merc, while Brent for January added 72 cents to $93.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.07 to WTI, unchanged. Natural gas for December added 10 cents to $6.03. The TSX energy index added 4.55 points to close at 270.51.
Oil prices headed higher, shaking off a mixed assessment from the International Energy Agency (IEA). In its latest monthly oil market report, the IEA lowered its forecast for global oil demand in 2023, pointing to the weak Chinese economy, the strong U.S. dollar, the European energy crisis and other factors as "weighing heavily on consumption." On the supply side, however, the IEA forecast a near-term drop in production resulting from OPEC+ cuts and a European ban on Russian crude. It also noted that oil inventories in developed countries are at their lowest levels in 18 years. All in all, oil markets are only "finely balanced" heading into the winter, and "a myriad of uncertainties and logistical challenges remain."
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