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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 28 cents to $70.91 on the New York Merc, while Brent for November lost five cents to $73.65 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI, up from a discount of $15.90. Natural gas for October lost four cents to $2.28. The TSX energy index lost 1.34 points to close at 262.23.

Oil prices had a choppy day, dipping below $70 in early trading on a bearish weekly inventory report from the American Petroleum Institute (API), which said yesterday that U.S. crude stocks rose by 1.96 million barrels last week. In today's more official weekly report from the U.S. Energy Information Administration (EIA), however, crude inventories were found to have fallen by 1.6 million barrels. The more bullish number helped oil prices reverse (though not fully) earlier losses. While the API and EIA figures are usually more aligned, large gaps do open on occasion, seeing as reports to the API are voluntary whereas reports to the government are mandatory.

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