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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery lost 55 cents to $70.74 on the New York Merc, notching its fourth consecutive weekly decline, while Brent for April lost 28 cents to $74.74 but nonetheless snapped a three-week losing streak (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.80 to WTI, up from a discount of $12.30. Natural gas for March added 10 cents to $3.72. The TSX energy index lost 2.82 points to close at 269.97.

There was no Valentine's Day love in the air for Canadian Environment Minister Stephen Guilbeault, whose cancellation of the environmental assessment of a proposed oil refinery near Kitimat, B.C., sparked an angry uproar in pro-oil circles -- even though he did so at the owner's request. A statement on the Impact Assessment Agency's website disclosed the termination earlier this week. The Globe and Mail was the first to break the story ("B.C. company cancels plans to build oil refinery for fuel exports to Asia"), but it was the Western Standard that pushed it into the social media spotlight with its explosive take, "Guilbeault pulls pin on $11-billion Kitimat refinery backed by Stockwell Day."

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