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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery fell $1.45 to $69.22 on the New York Merc, dipping back below $70 for the first time this month, while Brent for December lost $1.39 to $73.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.30 to WTI, down from a discount of $11.20. Natural gas for November lost nine cents to $2.25. The TSX energy index added 3.22 points to close at 278.51.

Oil prices notched a steep weekly loss, the worst (by percentage) for Brent in six weeks and the worst for WTI in 12 months. Traders scattered in the wake of weak economic data from China and a lower risk of supply disruptions in the Middle East. In China, fresh government figures for the third quarter showed the economy growing at the slowest pace since the beginning of 2023. Meanwhile, U.S. President Joe Biden told reporters in Germany that he sees an "opportunity ... [to] probably deal with Israel and Iran in a way that ends the conflict for a while."

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