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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added 39 cents to $62.26 on the New York Merc, while Brent for November added 52 cents to $66.02 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.40 to WTI, down from a discount of $10.50. Natural gas for October added four cents to $3.09. The TSX energy index added a fraction of a point to close at 273.52.

Oil prices fought their way higher as traders shrugged off a could-be-worse OPEC+ production hike. The group announced at its meeting yesterday that it will boost output by 137,000 barrels a day in October. With oil markets facing a projected glut heading into water, the hike is hardly bullish, but it is relatively modest. OPEC+ previously boosted production by 555,000 barrels a day in each of September and August and 411,000 barrels a day in each of July and June.

Adam Waterous's heavy-oil-focused Strathcona Resources Ltd. (SCR) lost 11 cents to $38.31 on 190,100 shares, after filing the latest volley in the takeover battle for oil sands producer MEG Energy Corp. (MEG), up 67 cents to $29.02 on 3.91 million shares. Strathcona said this morning that it is extending and sweetening its hostile bid for MEG. The move is intended to thwart a friendly bid for MEG from Cenovus Energy Inc. (CVE), up one cent to $22.12 on 20.8 million shares.

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