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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.30 to $62.37 on the New York Merc, while Brent for November lost $1.12 to $66.37 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.60 to WTI, up from a discount of $12.70. Natural gas for October lost nine cents to $2.93. The TSX energy index lost 1.11 points to close at 282.00.

Oil prices snapped a three-day winning streak, as (amid the usual background roar of geopolitics) traders sifted through duelling forecaster reports. The International Energy Agency (IEA) predicted in its latest monthly report today that the world will be awash in oil in 2026, with supply outstripping demand so rapidly that markets will face a surplus of three million barrels a day. It sees demand rising by a mere 740,000 barrels a day next year. These bearish figures stand in contrast to those of OPEC, which put out its own monthly report today and said markets may actually be undersupplied in 2026. OPEC is forecasting a slower rise in supplies, a faster surge in demand -- 1.3 million barrels a day, or nearly double the IEA's estimate -- and a potential 700,000-barrel-a-day deficit.

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