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by Stockwatch Business Reporter
West Texas Intermediate crude for August delivery lost 45 cents to $40.10 on the New York Merc, while Brent for September lost 52 cents to $42.72 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.01 to WTI, down from a discount of $7.99. Natural gas for August lost seven cents to $1.74. The TSX energy index lost a fraction to close at 73.91.
Oil prices wobbled as traders waded through a flood of headlines. The weekend saw continued spikes of COVID-19 cases in the United States, raising concerns of renewed lockdowns and an accompanying drop in fuel demand. On the supply side, an OPEC technical committee is scheduled to meet tomorrow and Wednesday, and is widely expected to recommend easing the current OPEC+ production cuts. The group cut a record 9.7 million barrels a day in May, June and July. In August, the cuts are set to drop to 7.7 million, meaning that -- despite the still raging pandemic -- the market will soon have to contend with an effective increase of two million barrels a day.
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