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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $2.96 to $65.76 on the New York Merc, while Brent for November lost $2.65 to $69.19, falling below $70 for the first time since December, 2021 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.70 to WTI, up from a discount of $14.00. Natural gas for October added six cents to $2.23. The TSX energy index lost 6.01 points to close at 255.47.

Oil prices resumed their tumble. This morning, in its closely watched monthly report, OPEC lowered its global oil demand forecasts for 2024 and 2025, citing economic "headwinds" and a shift to greener fuels. This is the second month in a row that OPEC has trimmed its forecasts. It now expects demand to rise by 2.03 million barrels a day in 2024 (down from 2.11 million previously and 2.25 million before that) and 1.74 million barrels a day in 2025 (down from 1.78 million and 1.85 million). These numbers remain at the high end of comparable estimates: The International Energy Agency (IEA), for example, predicted in its own report last month that demand will rise by a mere 970,000 barrels a day in 2024 and 950,000 in 2025. The IEA will release its next monthly report Thursday.

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