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by Stockwatch Business Reporter
West Texas Intermediate crude for November delivery lost $1.00 to $82.94 on the New York Merc, while Brent for November lost 79 cents to $89.83 (all figures in this para U.S.). Western Canadian Select traded at a discount of $21.20 to WTI, unchanged. Natural gas for October added six cents to $7.78. The TSX energy index lost 5.34 points to close at 230.61.
Oil prices had a rocky day, after Russian President Vladimir Putin ordered a partial mobilization to hold occupied land in Ukraine. He also warned Western governments that "it's not a bluff" that Russia would use "all the means at our disposal" to defend what it sees as its territory. While concerns about further European supply disruptions initially sent oil prices higher, attention then shifted to the U.S. Federal Reserve, which announced another 75-basis-point hike in interest rates to try to curb inflation. The Bank of England is also widely expected to announce a rate hike at its meeting tomorrow.
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