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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost 70 cents to $79.48 on the New York Merc, while Brent for March lost 94 cents to $84.98 (all figures in this para U.S.). Western Canadian Select traded at a discount of $23.50 to WTI, unchanged. Natural gas for February lost 28 cents to $3.31. The TSX energy index lost 2.25 points to close at 244.43.

Oil prices wobbled despite bullish demand forecasts. In the latest version of its closely watched oil market report, the International Energy Agency (IEA) predicted that China's economic reopening will push global oil demand to a record high of 101.7 million barrels a day in 2023. That would mark a 1.9-million-barrel-a-day increase from 2022, up from the IEA's previous forecast of 1.7 million. At the same time, continued the IEA, global output will rise by only one million barrels a day -- a drop from last year's jump of 4.7 million -- "as Russian supply slows under the full impact of sanctions." The likely result is that "the well-supplied oil balance at the start of 2023 could quickly tighten."

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