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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $2.09 to $82.85 on the New York Merc, while Brent for September added $1.35 to $85.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.00 to WTI, down from a discount of $12.70. Natural gas for August lost 15 cents to $2.04. The TSX energy index lost a fraction of a point to close at 286.38.

Oil prices headed higher, buoyed by mixed but bullish enough U.S. supply data. The U.S. Energy Information Administration (EIA) reported that domestic crude inventories fell by 4.9 million barrels a week, which was their third weekly decrease in a row and sharply exceeded analysts' predictions of a decrease of just 33,000 barrels. Refineries kept up a busy pace despite hurricane-related power outages in the key Gulf Coast refining region. On the bearish side, U.S. gasoline inventories rose by 3.3 million barrels, whereas analysts were expecting a decrease of 1.6 million barrels.

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