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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $1.13 to $65.16 on the New York Merc, while Brent for October lost $1.12 to $67.64 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.90 to WTI, down from a discount of $11.10. Natural gas for September added seven cents to $3.01. The TSX energy index added 1.95 points to close at 271.88.

Oil prices continued their tumble. On Sunday, OPEC+ announced another large production hike, agreeing to increase output by 547,000 barrels a day in September. When added to its increases of 548,000 barrels a day in August, 411,000 barrels a day in each of July, June and May, and 138,000 barrels a day in April, this completes the faster-than-expected unwinding of the 2.2-million-barrel-a-day cutbacks made by OPEC+ in 2023 (with a bit of extra thrown in for the benefit of the United Arab Emirates). The group stuck to its line that its "adjustments" are justified by "current healthy oil market fundamentals and [a] steady global economic outlook."

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