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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost 79 cents to $58.70 on the New York Merc, while Brent for December lost 93 cents to $62.39 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.90 to WTI, up from a discount of $11.10. Natural gas for November lost nine cents to $3.02. The TSX energy index lost a fraction of a point to close at 281.73.

Oil prices fell on escalating U.S.-China trade tensions. Meanwhile, in its closely watched monthly report yesterday, OPEC said global oil supply and demand will be largely in sync next year, the group having unwound prior production cuts at a fast clip. Last month's outlook had projected strong demand in 2025 and 2026 (unchanged in this month's report) and significant supply shortfalls (which this month's report narrowed). OPEC's forecasts remain at the bullish end of industry estimates. By bearish contrast, in its own monthly report today, the International Energy Agency projected lower demand -- rising by just 710,000 barrels a day in 2025, to OPEC's 1.3 million -- along with higher supply and a whopping surplus.

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