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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost $2.03 to $90.32 on the New York Merc, while Brent for May lost $2.27 to $102.27 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.10 to WTI, up from a discount of $16.20. Natural gas for April added one cent to $2.95. The TSX energy index added 3.41 points to close at 418.19.

Oil prices were lower on mixed messages from the Middle East and bearish U.S. supply data. A U.S. ceasefire proposal covering sanctions relief, a rollback of Iran's nuclear program and shipping access through the Strait of Hormuz fuelled hopes of progress negotiating an end to the U.S.-Israel-Iran war. Observers were skeptical, given simultaneous reports of Israeli air strikes on Iran and the deployment of further U.S. troops to the region. Iran rejected the U.S. proposal (with one official quoted as saying it is "not logical to enter into such a process with parties that violate agreements") and issued a counterproposal, including war reparations and sovereignty over Hormuz.

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