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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.30 to $59.44 on the New York Merc, while Brent for January lost $1.38 to $63.51 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.40 to WTI, up from a discount of $13.40. Natural gas for December added 18 cents to $4.55. The TSX energy index added a fraction of a point to close at 311.29.

Oil prices made their way lower, as U.S. efforts to resume Russian-Ukrainian peace talks offset bullish U.S. supply data. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that U.S. crude inventories fell by 3.4 million barrels last week, whereas analysts were expecting a much smaller decrease of 600,000 barrels. (The EIA's number is sharply different from the 4.4-million-barrel increase reported yesterday by the American Petroleum Institute (API). While the weekly API and EIA figures are usually more in step, sometimes gaps open up, reflecting the fact that reporting to the API is voluntary but reporting to the government is mandatory.)

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