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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 21 cents to $65.42 on the New York Merc, while Brent for April eked out an eight-cent gain to $70.85 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.40 to WTI, down from a discount of $14.10. Natural gas for March added five cents to $2.96. The TSX energy index lost a fraction of a point to close at 364.47.

Oil prices had a wobbly day. In its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that crude inventories ballooned by 16 million barrels last week, far outstripping analysts' predictions of an increase of 1.5 million barrels. (Worth noting is that last week's report said inventories plummeted by nine million barrels in the prior week. Such large numbers are not typical, and back-to-back ones suggest some level of correction.) Adding to the uncertain mood were rumours that OPEC+ might -- or might not -- announce a resumption of its monthly production hikes at its next policy meeting this Sunday, March 1.

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