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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 95 cents to $95.09, while Brent for December added 37 cents to $106.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.70 to WTI, up from a discount of $28.90. Natural gas for November lost nine cents to $3.19. The TSX energy index added a fraction of a point to close at 478.27.

Global oil demand will shrink even further in 2026 as the U.S.-Iran war leads to limited supplies, soaring prices and a worsening economic outlook, according to the International Energy Agency (IEA). In a closely watched monthly report, the agency predicted that demand will contract by 2.6 million barrels a day this year, down from last month's prediction of a decrease of 2.5 million.

This continues a sharp reversal from the prewar forecast of an increase of 850,000. A "partial recovery" could see demand increase by two million barrels a day in 2027, continued the IEA, though continuing hostilities in the Middle East leave the outlook "fragile." (As usual, the IEA's bearish view contrasts with OPEC's more bullish forecast: demand will rise by 180,000 barrels a day this year, said OPEC yesterday, followed by a big jump of 2.6 million in 2027.)

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