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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery (new front month) lost $5.89 to $98.26 on the New York Merc, while Brent for July lost $6.26 to $105.02 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.90 to WTI, up from a discount of $24.00. Natural gas for June lost 11 cents to $3.00. The TSX energy index lost 10.53 points to close at 439.26.

Oil prices fell after U.S. President Donald Trump said negotiations to end the U.S.-Iran war are in the "final stages" (while threatening further attacks if Iran does not agree to a deal). Meanwhile, in its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that U.S. crude inventories fell by 7.9 million barrels last week, outpacing analysts' predictions of a drop of 2.9 million barrels. This figure does not include draws from the U.S. Strategic Petroleum Reserve (SPR), which decreased by 9.9 million barrels, the largest single-week drawdown in history.

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