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by Stockwatch Business Reporter

U.S. markets were closed today for Memorial Day. West Texas Intermediate crude for July delivery lost $6.30 to $90.30 in electronic trading on the New York Merc, while Brent for July lost $7.40 to $96.14 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.10 to WTI, up from a discount of $19.00. Natural gas for June added one cent to $2.91. The TSX energy index lost 14.81 points to close at 423.39.

Oil prices sank on signs of progress in a U.S.-Iran peace deal. Over the weekend, U.S. President Donald Trump said negotiations are "proceeding in an orderly and constructive manner." The Washington Post reported that Washington and Tehran have developed a memorandum to extend the current ceasefire by 60 days.

With U.S. markets closed, it was a muted day of trading here in Canada. A quiet oil patch turned its attention to Kananaskis, Alta., where premiers from the western provinces and northern territories are meeting today and tomorrow for the annual Western Premiers' Conference. The gathering comes amid rising tensions between Alberta and British Columbia over a potential one-million-barrel-a-day pipeline from the oil sands to the West Coast. When Alberta Premier Danielle Smith and Prime Minister Mark Carney shook hands this month on a deal laying out a regulatory path to such a pipeline, Ms. Smith called it a "good day for Alberta and a good day for Canada," whereas her B.C. counterpart, David Eby, grumbled that Ottawa must "stop rewarding bad behaviour."

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