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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 17 cents to $67.21 on the New York Merc, while Brent for December lost 30 cents to $71.12 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, down from a discount of $6.90. Natural gas for November added four cents to $2.34. The TSX energy index lost 1.80 points to close at 274.13.

Oil prices had a rocky day, rebounding early in the session by more than $1 (U.S.) in the wake of yesterday's steep losses, but then reversing course and extending those losses. The bulls retreated on reports that Israel is open to a diplomatic solution to the war in Lebanon (lowering the risk of regional supply disruptions). Lacklustre media reports about Chinese oil demand added to the pressure on prices.

Here in Canada, incumbent Premier David Eby's B.C. NDP is set to form the next government of British Columbia, nabbing a razor-thin majority in a final ballot count by Elections B.C. Voters have waited nine days since the provincial election on Oct. 19. Initial results showed that no party had won enough seats to form a majority, but a final tally by Elections B.C. indicates that the NDP secured 47 seats -- the magic number for a majority -- while the Conservatives took 44 and the Greens two. Unfortunately for voters, the uncertainty is not quite over yet. Two ridings remained close enough to trigger a mandatory judicial recount, the timing of which will be determined by the court. While an NDP victory may not be the first choice of oil investors, it avoids the possibility of a minority government in which the Greens would have held the balance of power.

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