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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.66 to $68.97 on the New York Merc, while Brent for November added $1.36 to $71.97 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.50 to WTI, down from a discount of $15.40. Natural gas for October added nine cents to $2.36. The TSX energy index added 2.10 points to close at 257.86.

Oil prices continued their rebound, hoisted up by Hurricane Francine, which has forced a shutdown of around 40 per cent of oil and gas production in the U.S. Gulf of Mexico (according to the offshore regulator). The region accounts for about 15 per cent of U.S. production. Although the storm is expected to dissipate quickly, concerns about temporary supply disruptions helped prices shrug off another tepid demand outlook from the International Energy Agency, which in its latest monthly report predicted that global oil demand will rise by just 900,000 barrels a day in 2024 (down from last month's forecast of 970,000). This is less than half of the roughly two-million-barrel-a-day forecasts of both OPEC and the U.S. Energy Information Administration.

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