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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost 23 cents to $68.55, while Brent for September lost 13 cents to $71.99 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.10 to WTI, up from a discount of $15.50. Natural gas for August lost one cent to $3.24. The TSX energy index lost 4.46 points to close at 372.94.

Oil prices held steady as Saudi Arabia slashed its official selling prices and traffic in the Strait of Hormuz continued to show signs of recovery. Meanwhile, at a closely watched monthly meeting yesterday, OPEC+ agreed to hike oil production quotas by 188,000 barrels a day in August. This is the fifth monthly increase in a row and takes the total increase to almost 800,000 since April.

Here in Canada, on the heels of last week's headline-grabbing West Coast pipeline proposal unveiled by the federal and Alberta governments, another pipeline pitch has set the oil patch abuzz. Today, Alberta Premier Danielle Smith and Ontario Premier Doug Ford sketched out a preliminary plan to build the "Northern Shield Energy Corridor," including a 500,000- to 800,000-barrel-a-day pipeline from Hardisty to Sarnia. Routing more Canadian oil to Canadian refineries bolsters energy security while ensuring that the country "captures the full value of its energy resources," said Ms. Smith. Mr. Ford agreed, adding that Ontario is exploring a strategic petroleum reserve as part of the deal.

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