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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added eight cents to $68.12 on the New York Merc, while Brent for January added six cents to $71.89 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.80 to WTI, down from a discount of $9.50. Natural gas for December lost two cents to $2.90. The TSX energy index lost 3.15 points to close at 273.17.

Oil prices held steady despite another bearish demand forecast from OPEC. In its closely watched monthly report, OPEC nudged down its 2024 oil demand forecast for the fourth month in a row, citing slowdowns in China, India and other regions. It now expects demand to rise by 1.82 million barrels a day in 2024 and 1.54 million barrels a day in 2025, down from its prior forecasts of 1.93 million and 1.64 million. (Those figures are still markedly higher than those of the International Energy Agency (IEA), which has been forecasting that demand will rise by just 860,000 barrels a day in 2024. The IEA will release its next monthly report this Thursday.)

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