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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $3.25 to $70.58 on the New York Merc, while Brent for December lost $3.21 to $74.25 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.00 to WTI, up from a discount of $10.60. Natural gas for November was unchanged at $2.49. The TSX energy index lost 13.90 points to close at 276.54.

Oil prices tumbled on media reports that Israel will avoid attacking Iranian oil infrastructure, easing concerns about regional supply disruptions. Meanwhile, both OPEC and the International Energy Agency (IEA) have lowered their near-term demand forecasts. OPEC released the latest version of its monthly oil report yesterday and predicted global demand will rise by 1.93 million barrels a day in 2024, a decrease from 2.03 million in last month's report. The revised number still represents a bullish contrast to the IEA, which released its monthly report today and predicted that demand will rise by just 860,000 barrels a day in 2024, down from 910,000 in last month's report.

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