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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $2.55 to $58.49 on the New York Merc, while Brent for January lost $2.45 to $62.71 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.20 to WTI, up from a discount of $12.80. Natural gas for December lost three cents to $4.53. The TSX energy index added a fraction of a point to close at 301.65.

Oil prices tumbled as traders flagged an increasingly bearish tone from OPEC. In its latest monthly report, the group forecast that global oil supply and demand will be in balance next year -- a marked contrast to a few months ago, when it was predicting a 2026 supply shortfall as high as 700,000 barrels a day. Demand is stable and sturdy, insisted OPEC, but supplies are on the rise (in no small part thanks to OPEC itself). The new numbers mean that OPEC's outlook is cozying closer -- though is still not kissing distance -- to forecasters such as the International Energy Agency and the U.S. Energy Information Administration, both of which are predicting a 2026 supply glut.

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