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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $1.14 to $55.99 on the New York Merc, while Brent for March lost 74 cents to $59.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.60 to WTI, down from a discount of $12.70. Natural gas for February added 17 cents to $3.52. The TSX energy index lost 2.12 points to close at 292.79.

The White House's plans for Venezuela's oil continued to hold the news cycle in a fast grip. At an energy conference today in Florida, U.S. Energy Secretary Chris Wright said the U.S. government will "let the oil flow" from Venezuela, but under U.S. control. "Instead of the oil being blockaded, as it is now, we're going to let the market [buy oil] ... but have those sales done by the U.S. government and deposited into accounts controlled by the U.S. government," he said. Sales will apparently begin "immediately" with 30 million to 50 million barrels of oil that Venezuela is "turning over" to the United States, according to an overnight statement by U.S. President Donald Trump.

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