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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.04 to $61.51 on the New York Merc, while Brent for December lost $1.03 to $65.22 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, down from a discount of $11.10. Natural gas for November lost six cents to $3.26. The TSX energy index lost a fraction of a point to close at 292.05.

Oil prices headed lower after Israel and Hamas signed a ceasefire agreement in Gaza. Officials on both sides confirmed that a deal has been signed that would end the fighting and see the return of Israeli hostages in exchange for Palestinian prisoners. This deal is "a major breakthrough in recent Middle Eastern history -- its implications for oil markets could be wide-ranging, from the possibility of a decrease in the Houthis' attacks in the Red Sea to an increase in the likelihood of a nuclear deal with Iran," mused chief economist Claudio Galimberti of Rystad Energy in a note.

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