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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $3.57 to $73.57 on the New York Merc, while Brent for December lost $3.75 to $77.18 (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.23 to WTI, up from a discount of $15.50. Natural gas for November lost one cent to $2.73. The TSX energy index lost 6.75 points to close at 289.57.

Oil prices snapped a five-session winning streak and fell sharply. In its first briefing after a week-long national holiday, the Chinese government announced no further economic stimulus measures, surprising analysts and disappointing investors (and giving Hong Kong markets their worst day in years). Meanwhile, threats of supply disruptions in the Middle East eased as the White House pressured Israel to avoid attacks on Iranian oil infrastructure, seeking to avoid price spikes ahead of the U.S. election next month.

Here in Canada, energy headlines remained dominated by the $6.5-billion (U.S.) cash acquisition announced yesterday by Canadian Natural Resources Ltd. (CNQ), down 20 cents to $49.61 on 15.8 million shares. The company will buy all of the remaining Alberta assets of Chevron, consisting of its 70-per-cent-owned Duvernay holdings and its 20-per-cent interest in the Athabasca oil sands project (of which Canadian Natural currently owns 70 per cent). The deal bolsters a buying spree that takes Canadian Natural's spending on acquisitions to over $33-billion in two decades -- more than half of that in the last seven years.

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