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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.08 to $58.06 on the New York Merc, while Brent for January lost 82 cents to $62.56 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.60 to WTI, down from a discount of $11.40. Natural gas for December added 10 cents to $4.57. The TSX energy index lost 1.48 points to close at 309.81.

Oil prices notched yet another weekly loss -- they have been down six of the past eight weeks -- as the U.S. government pushed for a peace deal between Russia and Ukraine. The deal, a draft version of which reportedly calls for Ukraine to give up significant portions of land and military personnel, could allow Russia to export more oil, boosting global supplies. Oil prices were also weighed down by bearish supply data out of China (which has been stockpiling crude at elevated rates) and a stronger U.S. dollar (which makes oil more expensive in other currencies, limiting demand).

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