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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added $1.73 to $62.52 on the New York Merc, while Brent for August added $1.85 to $64.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.10 to WTI, down from a discount of $12.20. Natural gas for July added 25 cents to $3.69. The TSX energy index added 4.71 points to close at 257.83.

Oil prices jumped as traders sighed with relief in the wake of Saturday's monthly OPEC+ meeting. The group, which previously increased production by 411,000 barrels a day in both May and June, was rumoured to be discussing a significantly larger increase for July, but ended up sticking with 411,000 instead. (Long gone is any expectation that the group will revert to its original plan to increase monthly production by a mere 134,000 barrels a day.) Production for August will be discussed at the next OPEC+ meeting on July 6.

Here in Canada, oil sands producer Cenovus Energy Inc. (CVE) added 23 cents to $18.31 on 17.5 million shares, while MEG Energy Corp. (MEG) added 60 cents to $24.62 on 3.65 million shares. They can be grateful for today's jump in oil prices, for neither of them had happy tidings from their operations. Both have started shutting in some of their production because of wildfires in Northern Alberta. In both cases, the affected production is at a project called Christina Lake -- not a joint venture, but two separate operations that are about 10 kilometres away from each other and are both named after the same nearby body of water.

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