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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.81 to $66.57 on the New York Merc, while Brent for September lost $1.55 to $68.64 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.60 to WTI, up from a discount of $12.10. Natural gas for August added 12 cents to $3.33. The TSX energy index lost a fraction of a point to close at 269.64.

The Canadian government is launching a federal regulatory review with the goal of "eliminating inefficient red tape -- outdated and overly complicated regulations that raise costs, reduce productivity and stifle economic growth," according to an announcement from the Treasury Board of Canada. Of the estimated $51.5-billion cost to businesses in 2024 to follow regulations from all three levels of government, approximately $17.9-billion was because of red tape, a figure that could be reduced through removing outdated rules, reducing duplication with provinces and so on. Federal ministers will have 60 days to conduct reviews of their departments and propose their next steps.

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