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by Stockwatch Business Reporter
West Texas Intermediate crude for August delivery added $3.35 to $107.62 on the New York Merc, while Brent for August added $3.07 to $113.12 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.55 to WTI, up from a discount of $17.75. Natural gas for July lost two cents to $6.22. The TSX energy index added 7.07 points to close at 221.80.
Despite today's rally in oil prices, they were unable to make up the losses of the past week, closing with their second weekly drop in a row. Oil executives seemed eager to treat the rout as a buying opportunity. Bernard Lee, executive vice-president of finance at Paramount Resources Ltd. (POU: $29.02), disclosed on SEDI today that he spent $929,015 buying 30,000 shares on Wednesday. The same day, three insiders of Baytex Energy Corp. (BTE: $6.08) spent a total of $202,740 buying 36,000 shares. Other companies with insider purchases in the last few days include ARC Resources Ltd. (ARC: $15.00), Crew Energy Inc. (CR: $4.50), Gear Energy Ltd. (GXE: $1.25), Pieridae Energy Ltd. (PEA: $1.11) and Tourmaline Oil Corp. (TOU: $63.88).
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