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by Stockwatch Business Reporter
West Texas Intermediate crude for January delivery, the benchmark in North America, lost $1.90 to $55.91 on the New York Merc, while Brent for February, the international benchmark, lost 64 cents to $61.21 (all figures in this para U.S.). Western Canadian Select, Canada's heavy oil benchmark, traded at a discount of $17.40 to WTI ($48.41), unchanged. Natural gas for January, the international benchmark, lost 7.6 cents to $3.71. The TSX energy index lost 2.96 points to close at 190.16.
Talisman Energy Inc. (TLM) added 93 cents to $5.97 on 25.9 million shares, thanks to the latest round of rumours about Spain's Repsol. On Friday, Talisman added 78 cents after the Financial Times reported that Repsol was close to an making a takeover offer of $6 to $8 a share, with the goal of having a deal by Christmas. Both companies have now confirmed that they are working on a deal. In response to requests from their respective market regulators, Talisman said it is discussing a potential "corporate transaction" with Repsol, and Repsol said its board will meet this afternoon (local time) to "submit for consideration ... the analysis" of a takeover. Spanish media reported that the board will meet at 3 p.m. GMT (10 a.m. ET) today to ratify an offer. As of this writing, there has been no update on that meeting.
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