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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost 95 cents to $58.29 on the New York Merc, while Brent for July lost 84 cents to $61.29 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.40 to WTI, up from a discount of $13.40. Natural gas for June added 15 cents to $3.63. The TSX energy index added 2.11 points to close at 243.09.

Oil prices notched another weekly loss. Here in Canada, the floodgates of first quarter financials are swinging open in the oil patch. Oil sands giant Imperial Oil Ltd. (IMO) added $1.15 to $95.06 on 1.64 million shares, pleasing investors by reporting a jump in per-share profit to $2.52 from $2.23 a year earlier, even though production fell slightly to 418,000 barrels a day from 421,000. Imperial credited better realized prices for its oil (thanks in part to the start-up of the Trans Mountain pipeline expansion last year) and better margins in its downstream refining business.

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