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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 90 cents to $60.94 on the New York Merc, while Brent for July lost 75 cents to $64.15 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.50 to WTI, up from a discount of $13.30. Natural gas for July lost three cents to $3.52. The TSX energy index added a fraction to close at 257.65.

Oil prices and broader markets had a volatile day, leaping in the morning after a U.S court blocked many of the tariffs imposed by President Donald Trump (thereby easing fears of a global recession), before pulling back amid renewed uncertainty (with the White House quickly filing notice of appeal). Traders also had their eye on U.S. supply data and OPEC+ supply rumours. The U.S. Energy Information Administration reported that U.S. inventories fell by 2.8 million barrels last week, a sharp contrast to analysts' predictions of a 118,000-barrel increase. The bullish data was offset by media reports that OPEC+ will announce another large production hike at its meeting this Saturday.

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