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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $2.69 to $69.23, while Brent for August lost $3.27 to $71.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.70 to WTI, up from a discount of $16.20. Natural gas for July lost 11 cents at $3.23. The TSX energy index lost a fraction of a point to close at 374.33.

Oil prices notched a steep weekly loss as more tankers made their way through the Strait of Hormuz, easing supply concerns despite yesterday's reported attack on a cargo ship. Saudi Aramco resumed oil loading today at its massive Ras Tanura terminal (the largest oil port in the world, handling over 90 per cent of Saudi Arabia's hydrocarbon exports). Traffic through the strait still remains sharply below the prewar daily average. "If the number of transits does not increase more strongly next week either," wrote Commerzbank today, "skepticism in the market is likely to grow, so that the oil price is likely to rise again."

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