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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $1.88 to $80.33 on the New York Merc, while Brent for August added $1.63 on $84.25 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.50 to WTI, down from a discount of $13.40. Natural gas for July lost nine cents to $2.79. The TSX energy index lost a fraction of a point to close at 271.93.

Oil prices had a merry Monday, with WTI vaulting back above $80 (U.S.) for the first time in a month, as traders decided that the recent sell-off was overdone. Mixed, but bullish enough, economic data out of China also gave a boost to prices. Meanwhile, a new research report from Rystad Energy speculated that 2024 could be the first year since 2020 with virtually no increase in global oil supplies. The Norwegian consultancy, pointing to the recent extension of OPEC+ production cuts, predicted that global oil supplies will rise by just 80,000 barrels a day this year, down from a prior forecast of 900,000 barrels a day. It added that further tapering could occur in 2025.

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