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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost 81 cents to $57.46 on the New York Merc, while Brent for December lost 85 cents to $61.06 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.90 to WTI, up from a discount of $10.70. Natural gas for November lost seven cents to $2.93. The TSX energy index lost 5.34 points to close at 275.91.

Oil prices took their third straight daily tumble, pressured today by bearish supply data. The U.S. Energy Information Administration (EIA) reported that U.S. crude inventories rose by 3.5 million barrels last week -- another large increase, after last week's 3.7-million-barrel rise. Analysts were predicting a much smaller increase for last week of just 120,000 barrels. Even with the back-to-back jumps, inventories are still about 4 per cent below the five-year average for this time of year.

Here in Canada, oil sands producer MEG Energy Corp. (MEG) lost 62 cents to $29.22 on 5.12 million shares, as its soap opera of a takeover took a new twist. At least three complaints have been filed with the Alberta Securities Commission (ASC) about the planned friendly takeover of MEG by Cenovus Energy Inc. (CVE), down 78 cents to $23.52 on 20.1 million shares. The complaints allege unfair treatment of rival bidders -- in particular Strathcona Resources Ltd. (SCR), down 57 cents to $35.77 on 166,000 shares -- and therefore unfair treatment of MEG's shareholders.

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