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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 84 cents to $78.11 on the New York Merc, while Brent for July lost 71 cents to $82.96 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.40 to WTI, up from a discount of $13.15 to WTI. Natural gas for June added 10 cents to $2.14. The TSX energy index lost a fraction of a point to close at 289.46.

Oil prices had a wobbly day, ultimately notching not only a weekly loss, but their largest weekly loss in three months. Prices flickered briefly higher this morning in the wake of media reports that some OPEC+ members would be willing to extend production cuts beyond their current expiry of June 30. The next full OPEC+ gathering is still weeks away on June 1, however, and with most of today's headlines being about ceasefire talks in the Middle East, strong U.S. production and signs of slowing global demand, traders quickly pushed oil prices right back down.

Here in Canada, oil sands giant Canadian Natural Resources Ltd. (CNQ) edged down 29 cents to $102.10 on 3.06 million shares. Today it set June 11 as the date for its proposed 2-for-1 stock split, having received shareholder approval for the split at its annual and special meeting yesterday. The company proposed the split in late February, when its share price was nearing triple digits, before finally cracking them in March. This will be its fourth 2-for-1 split since 2004.

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