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by Stockwatch Business Reporter

Markets closed early for Christmas Eve. West Texas Intermediate crude for February delivery lost four cents to $58.34 on the New York Merc, while Brent for February lost 15 cents to $62.23 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI, up from a discount of $13.70. Natural gas for January lost 15 cents to $4.25. The TSX energy index lost a fraction of a point to close at 294.55.

Oil prices held their ground in thin pre-Christmas trading. The United States and Ukraine have a draft proposal aimed at ending the nearly four-year war between Ukraine and Russia, according to Ukrainian President Volodymyr Zelensky. Key points of the plan include a non-aggression pact between the two countries, the reaffirmation of Ukraine's sovereignty (with no reference to barring it from joining NATO), and the withdrawal of troops and creation of a demilitarized zone. The Kremlin reportedly views it as a starting point for further negotiations.

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