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by Stockwatch Business Reporter

West Texas Intermediate crude for February delivery lost $1.19 to $57.13 on the New York Merc, giving back yesterday's gains from the U.S. capture of Venezuela's Nicolas Maduro, while Brent for February lost $1.06 to $60.70 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.70 to WTI, up from a discount of $13.90. Natural gas for February lost 17 cents to $3.35. The TSX energy index lost 2.12 points to close at 292.79.

Speculation about a revival of Venezuela's oil industry continued to dominate energy headlines. Here in Canada, where the oil patch took an equity beatdown yesterday on concerns that Venezuelan crude could displace Western Canadian barrels, the pressure eased today -- but did not let up entirely -- as Prime Minister Mark Carney downplayed the threat to competitiveness. "Canadian oil will be competitive because it is low risk," he told the media today. He added that the recent Ottawa-Alberta agreement on a potential West Coast pipeline could add another pillar of support by opening new markets.

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