This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost 13 cents to $82.23, while Brent for October lost 74 cents to $87.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.70 to WTI, down from a discount of $16.20. Natural gas for September added seven cents to $2.84. The TSX energy index added 3.52 points to close at 439.66.

Oil prices wobbled lower as traders pondered a potential agreement between Iran and Oman to reopen the Strait of Hormuz. A joint statement from the Iranian and Omani foreign ministries said the countries are in talks for a "phased framework" facilitating a "temporary shipping corridor" through the strait, though naturally much remains to be discussed. The Omani foreign minister posted on social media that he hopes to announce an agreement "soon."

Meanwhile, in its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that U.S. commercial crude inventories barely budged last week. They rose by 95,000 barrels, significantly less than the 597,000-barrel increase predicted by analysts. At 428.9 million barrels, inventories are now 1 per cent above the five-year average for this time of year. (The above figures exclude the Strategic Petroleum Reserve, which saw its 22nd consecutive weekly drawdown last week, falling by 5.2 million barrels to sit at 293.4 million -- its lowest since 1982.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS