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by Stockwatch Business Reporter
West Texas Intermediate crude for August delivery added 93 cents to $40.55 on the New York Merc, while Brent for September added 89 cents to $43.24 (all figures in this para U.S.). Western Canadian Select traded at a discount of $7.99 to WTI, down from a discount of $7.93. Natural gas for August added three cents to $1.81. The TSX energy index added 2.37 points to close at 74.57.
Oil prices edged higher after the International Energy Agency (IEA) deemed the worst of the oil price turbulence to be over. Following the pain of what the IEA called "Black April" -- when oil prices turned negative for the first time in history -- markets are making headway as demand begins to recover, said the agency in its monthly report. It added, however, that the re-emergence of COVID-19 in Asia, the renewed lockdowns in Latin America and the spiralling case count in the United States are "casting a shadow" over its outlook. "The pandemic is not under control," warned the agency, "and the risk to our market outlook is almost certainly to the downside."
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