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by Stockwatch Business Reporter

Oil prices climbed for the third day in a row, rallying today on a U.S. government report that showed a decline in monthly crude production and an OPEC report that expressed concerns about low prices, perhaps signalling a softer stance by the group toward output cuts. West Texas Intermediate crude for October delivery added $3.98 to $49.20 on the New York Merc, while Brent for October added $4.10 to $54.15 (all figures in this para U.S.). By comparison, last Wednesday, WTI was around $38 and Brent was around $43. This has been their strongest three-day rally since Iraq's 1990 invasion of Kuwait, according to the Wall Street Journal. Western Canadian Select traded at a discount of $14.85 to WTI ($34.35), down from a discount of $14.75. Natural gas for October lost 2.6 cents to $2.689. The TSX energy index added 5.49 points to close at 182.85.

Many energy producers had a good day thanks to oil, and in Alberta, they had another reason to breathe sighs of relief. Provincial Energy Minister Marg McCuaig-Boyd announced on Friday that the NDP government's review of Alberta's oil and gas royalties is officially under way, but there will be no changes made before 2017. "For 16 months, companies and investors can operate with certainty," she told a news conference. This will help companies set their 2016 budgets. Ms. McCuaig-Boyd also announced the names of three other people joining the royalty review panel. Dave Mowat, president and CEO of ATB Financial, was previously appointed chairman of the panel in June, and he will now be joined by Peter Tertzakian, the chief energy economist at ARC Financial, Leona Hanson, the mayor of the Northern Alberta town of Beaverlodge, and Annette Trimbee, the former deputy minister of finance of Alberta. They say they expect to complete their review by the end of the year. The government has created a website so Albertans can give input until the end of November, and will publish information on the website every two or three days.

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