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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $2.81 to $79.65 on the New York Merc, while Brent for October added $2.64 to $82.30 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.00 to WTI, down from a discount of $13.20. Natural gas for September added two cents to $2.16. The TSX energy index added 8.41 points to close at 286.95.

Oil prices headed higher on geopolitical tensions in the Middle East, as Israeli intelligence officials reportedly flagged a risk of a direct attack by Hamas "within days." This offset a somewhat bearish report from OPEC, which released its latest monthly outlook this morning and trimmed its global oil demand forecasts for both 2024 and 2025. It now sees demand rising by 2.11 million barrels a day this year and 1.78 million barrels a day next year (down from 2.25 million and 1.85 million, respectively). The new figures are still at the high end of industry estimates.

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