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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.14 to $69.20 on the New York Merc, sliding below $70 for the first time in nine months, while Brent for November lost $1.05 to $72.70 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.40 to WTI, down from a discount of $9.80. Natural gas for October lost six cents to $2.14. The TSX energy index lost 4.98 points to close at 270.00.

Oil prices continued to nosedive, even after rumours emerged that OPEC+ may delay a planned production hike in October. Reuters reported that the group is in discussions for a delay of an unspecified length. As recently as last week, OPEC+ was set to proceed with the hike, but the 10-per-cent price meltdown has since raised concerns about market volatility. Such concerns are not unfounded, according to the analysts at Citi. "If OPEC+ does not provide reassurance ... the market could lose faith in OPEC+ defending the $70-(U.S.)-per-barrel level," they wrote in a new research note. They flagged a risk of Brent falling to $60 (U.S.) or even $50 (U.S.) before rebounding.

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