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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $1.19 to $71.56 on the New York Merc, while Brent for November added $1.27 to $75.17, nosing back above $75 for the first time all month (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.70 to WTI, down from a discount of $12.90. Natural gas for October lost six cents to $2.55. The TSX energy index added 2.57 points to close at 269.20.

Oil prices bounded up on economic stimulus measures from the world's top oil importer. China's central bank has unveiled its biggest stimulus package since the COVID pandemic, in an effort to haul the country back on track to its economic growth target of 5 per cent. The broader-than-expected package, which includes interest rate cuts, looser borrowing restrictions, and other moves to try to revive flagging stock and property markets, bolstered traders' hopes of increased oil demand. Oil prices also got a boost from continuing geopolitical tensions in the Middle East and the threat of U.S. supply disruptions from a brewing hurricane in the Gulf of Mexico.

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