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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $2.32 to $99.47, while Brent for December added $4.35 to $113.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $33.30 to WTI, up from a discount of $30.50. Natural gas for November added one cent to $2.79. Despite higher oil prices, the TSX energy index lost 8.44 points to close at 481.80.

Oil prices hit a five-month high, with Brent drawing within 5 per cent of its 52-week high of $118, a level not seen since March. A fresh barrage of Houthi attacks in Saudi Arabia stoked fears of further Middle East supply disruptions and persistent inflation. U.S. media outlets are reporting that the Trump administration is considering resuming major strikes on Iran, although not until after the November midterms.

Here in Canada, energy stocks shrugged off higher oil prices and headed almost universally downward, amid profit-taking and a general jockeying for position ahead of next week's start of the third quarter reporting season. Early shoots of optimism sprouted today from Pulse Seismic Inc. (PSD: $3.16), owner of the largest licensable seismic data library in Canada. In commentary accompanying its financials, Pulse pointed to "positive industry indicators" such as $224.5-million in proceeds from Alberta land sales in the first nine months of the year. This is a 14-per-cent jump from $197.2-million in the same period last year, "reflecting renewed producer confidence and capital allocation to exploration," cheered Pulse.

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