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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost five cents to $69.15 on the New York Merc, while Brent for November lost a penny to $72.69 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.00 to WTI, down from a discount of $12.40. Natural gas for October added 11 cents to $2.25. The TSX energy index lost 3.91 points to close at 266.09.

Oil prices held steady, pausing their recent slide in tandem with OPEC+ pausing a planned production hike. The group was previously set to unwind 180,000 barrels a day of production cuts in October. Given the weakness in prices, OPEC+ announced today that it will delay the hike to December instead. Traders sighed with relief. Bullish U.S. supply data added to the reprieve. In its latest weekly data release (which came a day later than usual because of Monday's holiday), the U.S. Energy Information Administration said domestic crude inventories fell by 6.9 million barrels last week. Analysts were expecting a much smaller decrease of 993,000 barrels.

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