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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.58 to $65.59 on the New York Merc, while Brent for November added 99 cents to $69.14 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI, down from a discount of $12.35. Natural gas for October added one cent to $3.00. The TSX energy index added 2.54 points to close at 282.56.

After notching a monthly decline in August for the first time in four months, oil prices headed higher today, buoyed by Russian-Ukrainian political tensions, bullish economic data from China and a weaker U.S. dollar. Yet the shadow of OPEC loomed large. The group holds its next monthly meeting in five days and is broadly expected to announce another production hike.

Here in Canada (for the most part), the Lundin family's International Petroleum Corp. (IPCO) slipped three cents to $25.46 on 83,400 shares, treading water despite a wave of support from its cheerleading squad (also known as analysts). A "potentially transformational" project is chugging along nicely, cheered RBC analyst Rob Mann as he began coverage of the stock this morning. He was referring to the 30,000-barrel-a-day phase 1 of the Blackrod oil sands project, which International Petroleum is aiming to bring on-line in the second half of 2026. (For context, the company's current production is about 43,000 barrels a day, mostly from Western Canada but with a smattering from Malaysia and France.)

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