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by Stockwatch Business Reporter

U.S. and U.K. markets were closed for public holidays on Monday. West Texas Intermediate crude for July delivery added 83 cents to $78.55 in electronic trading on the New York Merc, while Brent for July added 98 cents to $83.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.90 to WTI, down from a discount of $14.10. Natural gas for June lost one cent to $2.51. The TSX energy index added 1.01 points to close at 296.60.

Although holidays in the United States and the United Kingdom kept trading light, oil prices headed higher on rumours that OPEC+ is about to extend its production cuts. At a prior meeting in March, the group extended the cuts to June 30 (from March 31). The group will meet again this Sunday and reportedly consider an extension to year-end.

Here in Canada, Scott Ratushny's Cardinal Energy Inc. (CJ) added six cents to $6.86 on 507,600 shares. Today it patted itself on the back for negotiating an increase and other amendments to its credit facilities. These are now going up to $200-million from $155-million, and another lender is joining the mix, namely Business Development Bank of Canada.

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