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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $1.76 to $91.11, while Brent for December lost just six cents to $102.25 (all figures in this para U.S.). Western Canadian Select traded at a discount of $28.00 to WTI, down from a discount of $25.60. Natural gas for November added seven cents to $3.03. The TSX energy index added 6.28 points to close at 450.57.

Oil prices swung wildly this week, with Brent notching an overall 5-per-cent weekly gain and WTI a 1.5-per-cent loss. Today both benchmarks were lower (though Brent only just) after the G7 announced a planned release of 100 million barrels of diesel and crude. A statement from the G7 leaders said the release will be co-ordinated through the International Energy Agency and will "begin immediately over four months, including a front-loaded substantial diesel release within the first 20 days."

The decision comes after U.S. President Donald Trump, facing lagging approval ratings over high domestic diesel prices, pressured European countries to release stockpiles or face a potential ban on U.S. diesel exports. The statement from the G7 reaffirmed a commitment to "refrain from export restrictions on energy and energy products between G7 countries" (which include the United States) and to "refrain from imposing bans that could exacerbate market tensions." Diplomatic tensions on the U.S. side of the Atlantic seem to have eased, for now. Mr. Trump posted on social media that Europe will "immediately" begin releasing a "massive amount of their heavily stocked diesel oil."

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