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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 11 cents to $68.26 on the New York Merc, while Brent for May lost 58 cents to $71.04 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.20 to WTI, down from a discount of $11.80. Natural gas for April added 23 cents to $4.35. The TSX energy index lost 3.31 points to close at 246.16.

The U.S. government has launched a trade war with Canada (and Mexico and China), imposing 25-per-cent tariffs on its northern neighbour and largest trading partner, with the exception of Canadian energy products, which are being hit with 10-per-cent tariffs. Canada is retaliating with immediate tariffs on $30-billion worth of U.S. goods and a plan to increase this to $155-billion in three weeks. The move from U.S. President Donald Trump to upend North American free trade put global markets on edge. Meanwhile, oil prices remained under pressure from yesterday's OPEC+ announcement that the group will go ahead with a planned unwinding of production cuts starting April 1, though it gave itself wiggle room to pause or reverse the increases "subject to market conditions."

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