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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery lost $1.16 to $101.02 on the New York Merc, while Brent for July lost $2.14 to $105.63 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.60 to WTI, up from a discount of $24.40. Natural gas for June added two cents to $2.86. The TSX energy index lost 1.58 points to close at 425.79.

Oil prices drifted lower as traders watched for updates from a summit in Beijing between U.S. President Donald Trump and Chinese President Xi Jinping, for topics of discussion that will undoubtedly include the U.S.-Iran war. (China is the biggest buyer of Iranian crude.) Meanwhile, the U.S. Energy Information Administration (EIA) reported that U.S. crude inventories fell by 4.3 million barrels last week, more than double analysts' predictions of a decrease of 2.1 million barrels. The drop partly reflects higher exports as countries affected by Middle Eastern disruptions seek U.S. supplies.

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