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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery edged up 10 cents to $74.66 on the New York Merc, while Brent for May was unchanged at $81.40 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.90 to WTI, up from a discount of $16.80. Natural gas for April lost 13 cents to $2.91. The TSX energy index added 1.05 points to close at 375.16.

Oil prices had a calmer day -- or rather a sideways one -- after days of frenzied ascent. The U.S.-Israel-Iran hostilities continued in full force, but traders seemed soothed by U.S. President Donald Trump's pledge to offer U.S.-backed insurance and naval escorts for ships travelling through the Strait of Hormuz ("at a very reasonable price"). Meanwhile, in its latest weekly data release, the U.S. Energy Information Administration reported that U.S. crude stocks rose by 3.5 million barrels last week, surpassing analysts' predictions of an increase of 2.3 million barrels.

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