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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $2.12 to $71.48 on the New York Merc, while Brent for May added $1.11 to $74.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.50 to WTI, down from a discount of $11.80. Natural gas for May added five cents to $4.11. The TSX energy index added 3.35 points to close at 274.71.

Oil prices had a rollicking start to the week, buoyed by concerns about supply disruptions across the globe. Over a busy weekend, U.S. President Donald Trump threatened secondary sanctions on Russia's oil sector, said Iran must sign a nuclear new deal or endure "bombing the likes of which they have never seen," and revoked various foreign oil companies' licences to operate in Venezuela. This was followed today by U.S. government data showing that U.S. oil production fell in January to its lowest level in 11 months. Closing out the month of March, oil prices easily knocked out a monthly gain. On a quarterly basis, Brent eked out a 10-cent gain, while WTI notched a 24-cent loss.

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