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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost 15 cents to $60.79 on the New York Merc, while Brent for July lost 25 cents to $63.90 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.20 to WTI, down from a discount of $11.50. Natural gas for July lost eight cents to $3.44. The TSX energy index lost 4.53 points to close at 253.12.

Oil prices notched their second consecutive weekly drop amid continued tariff turmoil in broader markets, which wavered today after U.S. President Donald Trump reignited trade tensions with China. The spectre of tomorrow's OPEC+ meeting (and the likelihood of another large production hike) further weighed on oil prices.

Traders are also eyeing wildfires across Western Canada, particularly Alberta, where the number of blazes categorized as "out of control" has risen to 29 today from just four on Monday. So far, only one oil and gas producer has disclosed any shut-ins -- the private Aspenleaf Energy shut in 4,000 barrels a day because of an out-of-control blaze in the Swan Hills area, as discussed Tuesday -- but flames are now within 20 kilometres of 200,000 barrels a day of at-risk production, according to Alberta Wildfire and the Alberta Energy Regulator. This is a fast-moving start to the fire season. With luck, the industry will avoid a repeat of 2016, when the infamous Fort McMurray wildfire swept through the unofficial capital of the oil sands and took over one million barrels a day off-line.

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