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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.30 to $75.80 on the New York Merc, while Brent for October lost $1.39 to $79.82 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.90 to WTI, up from a discount of $14.80. Natural gas lost four cents to $1.92. The TSX energy index lost 5.76 points to close at 286.33.

After climbing more than 7 per cent over the past three trading sessions, oil prices pulled back today as traders sifted through bearish forecasts. "[We] assume that OPEC will raise production in the fourth quarter ... [with an eye on] strategically disciplining non-OPEC supply," wrote the analysts of Goldman Sachs in a new research note. They cut their Brent forecast for 2025 to $77 (U.S.) from $82 (U.S.). Moreover, Brent "could significantly undershoot in the short term, especially if OPEC were to strategically discourage U.S. shale growth more forcefully, or if a recession were to reduce oil demand," the analysts added. Their reduced forecast echoes that of Morgan Stanley, which on Friday predicted that Brent is heading to $75 (U.S.) by the end of next year.

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