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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $1.19 to $85.02 on the New York Merc, while Brent for June lost 74 cents to $89.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.10 to WTI, up from a discount of $14.80. Natural gas for May lost 13 cents to $1.76. The TSX energy index lost 5.89 points to close at 301.79.

Oil prices wobbled and fell. In a closely watched monthly report, OPEC reiterated its forecast that global oil demand will rise by 2.2 million barrels a day this year, a "healthy" increase that it left unchanged from last month's report. Yet traders picked up on an interesting change of tone regarding the high-demand summer driving season. OPEC flagged the need for "careful market monitoring," adding that OPEC+ (the cartel and its allies) "will remain vigilant, pro-active and prepared to act." For context, last month's report came on the heels of one of multiple OPEC+ extensions to voluntary production cuts. Today's report suggests that traders should not count on further extensions once the cuts begin to expire on June 30.

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