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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.16 to $88.28, while Brent for December lost 38 cents to $100.20 (all figures in this para U.S.). Western Canadian Select traded at a discount of $25.10 to WTI, up from a discount of $26.30. Natural gas for November added nine cents to $3.20. The TSX energy index lost 3.34 points to close at 442.67.

Oil prices headed lower on glimmers of supply relief from the Middle East. Meanwhile, in its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that U.S. commercial crude inventories decreased by 3.2 million barrels last week. Analysts were expecting an increase of 1.7 million barrels. (Those figures exclude the U.S. Strategic Petroleum Reserve, which saw an 800,000-barrel drawdown last week -- its 28th weekly drawdown in a row -- and now sits at 283 million barrels, its lowest level since 1982.)

Here in Canada, the federal government has opened a three-week consultation on a draft co-operation agreement with Saskatchewan, aimed at bringing the province into Ottawa's "one project, one review" fold. The proposed agreement would allow Canada and Saskatchewan to rely on a single assessment where possible (rather than completing separate assessments with a high likelihood of duplication), with the province generally taking the lead on projects that are mainly within provincial jurisdiction. Feedback on the draft will be accepted until Oct. 26.

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