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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost a penny to $68.17 on the New York Merc, while Brent for November lost 21 cents to $71.77 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.20 to WTI, up from a discount of $13.80. Natural gas for November added two cents to $2.92. The TSX energy index added 1.72 points to close at 263.27.

Oil sands notched steep monthly and quarterly declines. In a research note over the weekend, Goldman Sachs noted that oil prices fell last week despite geopolitical turmoil in the Middle East and a broad fiscal stimulus package in China. The bank opined that the potential for large supply increases -- particularly once OPEC+ begins unwinding production cuts in December -- is weighing on investors. While it reiterated its 2025 Brent forecast of $70 (U.S.) to $85 (U.S.), it estimated that if OPEC+ fully reverses its cuts, Brent "could fall to the low $60s (U.S.) by December, 2025."

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