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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $2.27 to $63.45 on the New York Merc, while Brent for November lost $2.16 to $67.97 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.70 to WTI, up from a discount of $12.00. Natural gas for November added six cents to $3.26. The TSX energy index lost 4.38 points to close at 291.07.

Oil prices started the week with a tumble, amid rumours that OPEC+ is eyeing another production hike. The group will meet on Oct. 5 to decide on its output policy for November. Meanwhile, over the weekend, crude began flowing through a Kurdistan-to-Turkey export pipeline for the first time in 2-1/2 years, following an agreement reached late last week among the Kurdish and Iraqi governments and regional producers (as discussed Friday). The resumption is reportedly adding about 150,000 to 160,000 barrels a day to global markets and is projected to reach 230,000.

Here in Canada, oil sands producer MEG Energy Corp. (MEG) lost 43 cents to $28.23 on 5.19 million shares, as it tried to polish a lacklustre proxy endorsement in its takeover tug-of-war. MEG announced late Friday that proxy advisory firm ISS has placed its support behind the friendly takeover bid from Cenovus Energy Inc. (CVE), down 70 cents to $24.05 on 14.8 million shares, rather than the hostile takeover bid from Strathcona Resources Ltd. (SCR), down 82 cents to $36.43 on 60,200 shares. MEG quoted ISS as having found "little doubt that a transaction with Cenovus should unlock substantial synergy value" and is "the most prudent path forward."

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