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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $2.21 to $58.21 on the New York Merc, while Brent for June lost $1.13 to $63.12 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.10 to WTI, up from a discount of $10.70. Natural gas for June lost six cents to $3.32. The TSX energy index lost 5.65 points to close at 238.90.

Oil prices ended the month with their largest monthly decline since November, 2021, with WTI plunging 18.5 per cent during April and Brent dropping 15.5 per cent. Today's tumble came amid reports that OPEC+, and in particular Saudi Arabia, are ready to live with a prolonged period of lower oil prices -- a marked change after five years of attempting to balance oil markets through steep self-imposed production cuts. The rumours outweighed bullish U.S. supply data. In its latest weekly data release, the U.S. Energy Information Administration reported that domestic crude inventories fell by 2.7 million barrels last week, whereas analysts were expecting an increase of 429,000 barrels.

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