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by Stockwatch Business Reporter
West Texas Intermediate crude for August delivery added 93 cents to $67.93 on the New York Merc, while Brent for September added $1.28 to $69.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.20 to WTI, down from a discount of $11.60. Natural gas for August added one cent to $3.41. The TSX energy index lost 1.74 points to close at 265.10.
Oil prices had a whipsawing day. They opened with a tumble in response to Saturday's OPEC+ meeting, in which the group decided to roll back prior production cuts by 548,000 barrels a day in August, an increase from 411,000 barrels a day in July, June and May and 138,000 in April. This takes the unwinding to 1.91 million of the 2.2-million-barrel-a-day cuts that were put in place in 2022. (There are still separate layers of cuts adding up to 3.66 million barrels a day.) After their morning stumble, oil prices calmed and climbed amid optimism that demand is strong enough to absorb the extra barrels. In a show of confidence, de facto OPEC+ leader Saudi Arabia raised the August price for its flagship crude.
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