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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery added 28 cents to $70.67 on the New York Merc, while Brent for December added 23 cents to $74.45 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.30 to WTI, down from a discount of $11.20. Natural gas for November lost two cents to $2.34. The TSX energy index added 3.22 points to close at 278.51.

Oil prices held steady, supported by bullish U.S. supply data. In its latest weekly data release (published a day later than usual this week, given Monday's Columbus Day holiday for U.S. government workers), the U.S. Energy Information Administration (EIA) reported that domestic crude inventories fell by 2.2 million barrels last week. This was a sharp contrast to analysts' predictions of an increase of 1.8 million barrels.

Here in Canada, on a slow news day for the oil patch, the sector's cheerleaders (also known as analysts) staged a pep rally for one of the most popular players on the field. Mike Rose's gassy Tourmaline Oil Corp. (TOU), up 64 cents to $62.49 on 5.05 million shares, got a lovely mention from the analysts at RBC. Their recent meetings with members of Tourmaline's management underscored their confidence that the stock is worth a rating of "outperform."

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