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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.95 to $45.13 on the New York Merc, while Brent for September lost $1.78 to $47.79 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.90 to WTI ($35.23), unchanged. Natural gas for August plunged 14 cents to $2.84. The TSX energy index lost 3.71 points to close at 168.39.

Canadian producers bear some of the blame for persistently low oil prices, says Deloitte. The firm released a 20-page price forecast this morning in which it noted that OPEC's recent productions cuts have helped stabilize the market over the last six months, but have also paved the way for North American activity to increase "considerably," keeping prices under pressure. Rising U.S. output has offset a "significant portion" of OPEC's cuts, wrote Deloitte, while Western Canadian activity "has also picked up, with CAODC [Canadian Association of Oilwell Drilling Contractors] forecasting a 36-per-cent increase in well completions over last year." Deloitte predicted that WTI oil prices will stay between $48 (U.S.) and $55 (U.S.) from 2017 through 2019.

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