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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 33 cents to $78.54 on the New York Merc, while Brent for April went the other direction and added three cents to $83.68 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.90 to WTI, up from a discount of $20.50. Natural gas for April added eight cents to $1.89. The TSX energy index added a fraction of a point to close at 258.27.

It was a mixed day for oil prices. The U.S. benchmark fell in the wake of a bearish report on domestic oil inventories; the Energy Information Administration said inventories rose by 4.2 million barrels last week, surpassing analysts' predictions of an increase of 2.75 million barrels. The bulls then regained some ground (particularly for Brent) thanks to rumours that OPEC+ will consider extending the production-cutting pact announced last November. The voluntary pact is currently set to expire at the end of March, but sources told Reuters that the group may soon extend it to the end of the year.

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