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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $2.98 to $93.04, while Brent for August lost $2.78 to $95.03 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.90 to WTI, up from a discount of $19.30. Natural gas for July added 12 cents to $3.33. The TSX energy index added 1.63 points to close at 433.38.

Oil prices fell as Israel and Lebanon agreed on a ceasefire, boosting hopes for a broader agreement to end the U.S.-Israel-Iran war and reopen the Strait of Hormuz. Despite the conflict, OPEC sees no sign of declining demand and is not changing its forecasts, said Secretary-General Haitham Al Ghais today at the St. Petersburg International Economic Forum. "We still see robust demand growth at 1.2 million barrels a day for this year," he said. He added that "one-off events" should not be allowed to deter investments in the oil industry and that additional investments are needed "well ahead of time to be prepared for the demand that we see in the future."

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