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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added $2.76 to $77.14 on the New York Merc, while Brent for December added $2.88 to $80.93, as renewed violence in the Middle East sent the benchmarks back above $75 and $80 for the first time in six weeks (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.50 to WTI, down from a discount of $13.40. Natural gas for November lost 11 cents to $2.74. The TSX energy index added 5.43 points to close at 289.32.

The oil patch kicked off Monday with a meaty acquisition. Oil sands giant Canadian Natural Resources Ltd. (CNQ), up $1.59 to $49.81 on 27.1 million shares, is forking over $6.5-billion (U.S.) cash to acquire the Alberta assets of Chevron, including its entire Duvernay shale position and a 20-per-cent interest in the Athabasca oil sands project (bringing Canadian Natural's interest to 90 per cent). It will rely mostly on debt to cover the price tag. Unfazed by a mountain of debt that will exceed $15-billion once the acquisition closes, Canadian Natural is simultaneously hiking its quarterly dividend to 56.25 cents from 52.5 cents (for a new yield of 4.5 per cent).

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