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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 27 cents to $70.10 on the New York Merc, while Brent for December added 34 cents to $73.90 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.50 to WTI, up from a discount of $14.90. Natural gas for November lost one cent to $2.88. The TSX energy index added a fraction of a point to close at 272.61.

Oil prices edged higher as escalating geopolitical tensions in the Middle East helped traders shrug off bearish U.S. supply data. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that domestic crude inventories rose by 3.9 million barrels last week, whereas analysts were expecting a decrease of 500,000 barrels. Traders also kept an eye on today's OPEC+ committee meeting to review market conditions. As expected, a statement released by OPEC+ after the meeting made no changes to the group's current plan to begin unwinding production cuts in December. It did, however, lay heavy emphasis on the "critical importance of achieving full conformity [with production quotas]."

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