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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 58 cents to $70.71 on the New York Merc, while Brent for February lost 58 cents to $73.91 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.10 to WTI, up from a discount of $13.70. Natural gas for January lost seven cents to $3.21. The TSX energy index lost 4.87 points to close at 262.36.

Canadian investors were closely following this morning's abrupt resignation of Finance Minister Chrystia Freeland, hours before she was due to present the fall economic statement. This midterm economic blueprint -- which went unreleased until midafternoon -- had been widely expected to show a severe miss in the federal deficit target. Ms. Freeland wrote in her resignation letter that she and Prime Minister Justin Trudeau have been "at odds about the best path forward for Canada" and the response to the incoming U.S. administration's "aggressive economic nationalism." Her comments, especially on the need for "eschewing costly political gimmicks, which we can ill afford and which make Canadians doubt that we recognize the gravity of the moment," are unlikely to build confidence in Canada's fiscal situation.

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