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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 24 cents to $68.30 on the New York Merc, while Brent for February lost 22 cents to $72.09 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, down from a discount of $10.90. Natural gas for January added three cents to $3.07. The TSX energy index added 2.14 points to close at 275.90.

Oil prices held steady in the wake of a closely watched OPEC+ meeting. As widely expected, the group postponed a planned production increase to April, 2025, a three-month extension. It also agreed that the full unwinding of its current production cuts will now take until the end of 2026 rather than the end of 2025. Reiterating its "continued commitment ... to achieve and sustain a stable oil market," the group scheduled its next policy meeting for May 28, 2025, while noting that additional meetings could be called "at any time to address market developments, whenever deemed necessary."

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