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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.24 to $71.97 on the New York Merc, while Brent for October lost $1.10 to $76.05 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, up from a discount of $12.80. Natural gas stayed unchanged at $2.20. The TSX energy index lost fraction of a point to close at 283.98.

Oil prices slipped as traders sifted through mixed headlines. The bulls got a boost from new U.S. inventory data showing that domestic crude stockpiles fell by 4.6 million barrels last week, whereas analysts were expecting a smaller decrease of 2.7 million barrels. By contrast, however, a prominent oil bull is looking a little spooked. Goldman Sachs, which earlier this year predicted that Brent oil prices will range from $75 (U.S.) to $90 (U.S.) in 2025, wrote in a new research note that its forecast is now "skew[ed] to the downside" amid weakening Chinese demand. Despite its original confidence that "the $75 (U.S.) floor under Brent oil prices will withstand macro fears," the bank now sees a possibility of Brent sliding to just $68 (U.S.) by late 2025.

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