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by Stockwatch Business Reporter

U.S. markets were closed for Martin Luther King Jr. Day. West Texas Intermediate crude for February delivery held its ground at $59.44 in electronic trading on the New York Merc, while Brent for March lost 19 cents to $63.94 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.30 to WTI, up from a discount of $14.60. Natural gas for February added 46 cents to $3.57. The TSX energy index added 1.68 points to close at 318.33.

During a holiday-muted day of trading, oil prices were largely flat, with traders' eyes glued to the White House's stand-off with Greenland to gauge potential fall-out with European allies. U.S. President Donald Trump has threatened to impose more tariffs on eight European countries unless they support U.S. control of Greenland. The prospect of a U.S.-European trade war caused demand jitters, yet also weighed on the U.S. dollar (which has an inverse relationship with oil prices -- a higher U.S. dollar makes oil cheaper in other currencies, boosting demand).

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