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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 20 cents to $67.34 on the New York Merc, while Brent for September lost 24 cents to $69.28 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.60 to WTI, down from a discount of $12.40. Natural gas for August added two cents to $3.56. The TSX energy index lost 3.05 points to close at 266.66.

Oil prices wavered as mixed U.S. economic data warred with global geopolitical supply concerns, including a fresh package of European Union sanctions against Russia over its war in Ukraine. Among other things, the EU is lowering its price cap on Russian oil. Though fairly steady today, oil prices ended the week with an overall loss, snapping a two-week winning streak.

Here in Canada, oil sands giant Suncor Energy Inc. (SU) slipped with oil prices, losing 40 cents to $53.31 on 4.93 million shares. It ended the week with a pat on the head from credit rating agency DBRS, which affirmed the company's investment-grade credit rating of A (low), with a "stable" trend. The rating reflects Suncor's large size, its integrated combination of upstream production and downstream refining operations, and its "significant financial and capital spending flexibility," wrote DBRS. A "strong start in Q1" (with production of 853,200 barrels of oil equivalent a day) gives DBRS confidence that the company is "position[ed] to achieve its full-year 2025 upstream production target" (which is 810,000 to 840,000 barrels a day).

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