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by Stockwatch Business Reporter

New York Merc crude for June delivery lost 55 cents to $96.16 (all figures in this para U.S.). Brent for July lost 89 cents to $103.91. West Texas Intermediate lost 26 cents to $95.57, while Western Canadian Select traded at a discount of $20.46 to WTI ($75.11), unchanged. The TSX energy index added 3.37 points to close at 255.02.

ShaMaran Petroleum Inc. (SNM), one of the heaviest traders on the TSX-V, added a cent to 43.5 cents on 3.64 million shares. According to a Swedish-language press release from the Lundin Group of Companies, ShaMaran will hold a joint presentation on May 28 in Stockholm with Africa Oil Corp. (AOI), up two cents to $6.70. News of the event started a predictable avalanche of takeover rumours in investment chat rooms. Calmer investors pointed out the joint presentation may simply reflect the fact that both companies are members of the Lundin Group and are led by Keith Hill, chairman of ShaMaran and president and chief executive officer of Africa Oil. He will be giving the presentation next week, along with ShaMaran's president and CEO, Pradeep Kabra. Neither ShaMaran nor Africa Oil has acknowledged the takeover rumours. The regulatory filings of both companies merely say they are "evaluating opportunities" in the Middle East and North Africa (MENA).

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