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by Stockwatch Business Reporter
West Texas Intermediate crude for January delivery added $1.89 to $77.28 on the New York Merc, while Brent for February added $2.02 to $82.70 (all figures in this para U.S.). Western Canadian Select traded at a discount of $26.50 to WTI, up from a discount of $27.75. Natural gas for January lost 51 cents to $6.43. The TSX energy index lost a fraction of a point to close at 241.66.
Oil prices climbed for the third day in a row, rallying on bullish demand forecasts. In closely watched monthly reports, both OPEC and the International Energy Agency predicted increases in global oil demand in 2022 and 2023. This helped offset a more bearish report released by the U.S. Energy Information Administration, which noted that U.S. crude inventories swelled by 10.2 million barrels last week, defying analysts' predictions of a 3.6-million-barrel drop. The jump partly reflects last week's shutdown of TC Energy Corp.'s (TRP: $57.40) Keystone pipeline because of an oil spill in Kansas. TC Energy is hoping for a partial restart this week and a full restart next week.
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