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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost eight cents to $71.29 on the New York Merc, while Brent for April lost 16 cents to $75.02 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.30 to WTI, down from a discount of $10.40. Natural gas for March added six cents to $3.62. The TSX energy index added a fraction of a point to close at 272.79.

Oil prices wobbled as traders waded through the usual morass of headlines about tariffs, sanctions and inflation data. Even a surprisingly bullish report from the International Energy Agency (IEA) landed with only a dull thud. In its latest monthly report, the IEA predicted that global oil demand will rise by 1.1 million barrels a day this year (up from 1.05 million in last month's report), and although it continues to predict a global oil surplus, it now pegs the overhang at just 450,000 barrels a day (a 50-per-cent decrease from its forecast just two months ago).

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