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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added $1.70 to $70.29 on the New York Merc, while Brent for February added $1.33 to $73.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.10 to WTI, down from a discount of $12.60. Natural gas for January added 22 cents to $3.38. The TSX energy index added 3.65 points to close at 273.32.

Oil prices headed higher in spite of a bearish update from OPEC. In its closely watched monthly report, OPEC made the fifth and steepest cut to its 2024 demand outlook. It is now predicting that global oil demand will rise this year by 1.61 million barrels a day, down from 1.82 million barrels a day in last month's report, and more than 25 per cent below its original forecast in July of 2.25 million barrels a day. The July report also predicted an increase of 1.85 million barrels a day for 2025. Several revisions later, including today, this figure now stands 1.45 million barrels a day.

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