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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $2.77 to $74.22 on the New York Merc, while Brent for August lost $2.75 to $78.36, going below $80 for the first time since February (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.40 to WTI, up from a discount of $12.30. Natural gas for July added 17 cents to $2.76. The TSX energy index lost 13.26 points to close at 286.87.

Oil prices tumbled as traders frowned on the complicated deal brokered by OPEC+ at its meeting yesterday. The group has been reducing production by a total of 5.86 million barrels a day, with 2.2 million set to expire on June 30 and 3.66 million set to expire on Dec. 31. Rumours leading up to the meeting involved an extension of all of the cuts into 2025. Instead, only the 3.66-million-barrel-a-day cuts got an extension to the end of 2025, while the 2.2-million-barrel-a-day cuts received a mere three-month extension to Sept. 30, after which they will taper off gradually over 12 months. OPEC+ is also (perhaps with an eye on curbing rumours that this country is considering leaving the group) allowing the United Arab Emirates to increase its 2025 quota by 300,000 barrels a day.

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