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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added 98 cents to $86.21 on the New York Merc, while Brent for June added $1.06 to $90.48 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.80 to WTI, down from a discount of $12.50. Natural gas for May added two cents to $1.89. The TSX energy index added 5.53 points to close at 307.68.

Oil prices headed higher as military tensions in the Middle East overshadowed rising crude inventories in the United States. Early in the session, prices fell after the U.S. government reported that domestic crude stockpiles swelled by 5.8 million barrels last week (whereas analysts were expecting a smaller rise of 2.3 million barrels). Prices then reversed course and settled higher after an Israeli airstrike killed three sons of a Hamas leader in Gaza, complicating prospects of a ceasefire and in turn exacerbating concerns about global oil supplies.

Here in Canada, oil sands producer Cenovus Energy Inc. (CVE) added 54 cents to $29.81 on 8.12 million shares. President and chief executive officer Jon McKenzie has been wooing investors this week in Toronto, having joined the annual pilgrimage to the country's largest oil and gas conference, the Canadian Association of Petroleum Producers' Energy Symposium (taking place yesterday and today). Evidently he liked his own pitch. A new SEDI filing shows that he spent $1.46-million yesterday buying 50,000 shares at $29.25.

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