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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.30 to $60.48 on the New York Merc, while Brent for December lost $1.24 to $64.11 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.30 to WTI, up from a discount of $11.60. Natural gas for November lost three cents to $3.44. The TSX energy index lost 1.88 points to close at 284.55.

The oil patch remained abuzz over yesterday's announcement that Alberta is backing a West Coast pipeline proposal to be developed for submission to Ottawa this spring. Premier Danielle Smith said her government will lead a technical advisory group comprising industry executives, government ministers and indigenous representatives, who will figure out the nuts and bolts of the pipeline and make the case for a national-interest designation. If received, this will set the stage for Alberta -- which does not actually want to build or pay for the pipeline -- to hand it off to the private sector.

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