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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $1.60 to $76.31 on the New York Merc, while Brent for October lost $1.32 to $79.52 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, up from a discount of $17.20. Natural gas for September lost seven cents to $1.97, its first time below $2 since April. The TSX energy index lost 8.55 points to close at 281.71.

Oil prices had another down day. As widely expected, OPEC+ stuck to its current output policy at today's closely watched meeting, reiterating that it could start unwinding its production cuts as early as October (thereby boosting global supplies and pressuring prices). The group emphasized that the unwinding could be "paused or reversed, depending on prevailing market conditions." This woolly cushion failed to soften the blow in the market.

Here in Canada, investors fielded a frenzy of financials, including from some of the country's largest producers. Oil sands giant Canadian Natural Resources Ltd. (CNQ) lost 54 cents to $48.48 on 11.1 million shares, even as it touted an "excellent second quarter." Production of 1.28 million barrels of oil equivalent a day and cash flow of $1.68 a share were ahead of analysts' predictions of 1.26 million barrels a day and $1.53 a share. The company stuck to its guidance, even emphasizing that its gas guidance remains unchanged despite the current swoon in gas prices.

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