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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added 31 cents to $58.95 on the New York Merc, while Brent for February added 22 cents to $62.67 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.30 to WTI, down from a discount of $12.40. Natural gas for January added 15 cents to $4.99. The TSX energy index added 6.10 points to close at 312.26.

Oil prices edged higher as Russia-Ukraine geopolitics outweighed bearish U.S. demand signals. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that U.S. crude inventories rose by 574,000 barrels last week, whereas analysts were predicting a decrease of 821,000 barrels. Gasoline inventories also headed sharply higher, as did distillate inventories (which include diesel and heating oil). The former jumped by 4.52 million barrels rather than the predicted increase of 1.5 million barrels, while the latter rose by 2.1 million rather than the predicted 700,000.

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