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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $2.68 to $89.41 on the New York Merc, while Brent for October lost $3.05 to $95.10 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.66 to WTI, unchanged. Natural gas for September lost four cents to $8.73. The TSX energy index lost 3.64 points to close at 229.67.

Oil prices skidded into the week, tumbling on bearish economic data from China. Not even an upbeat earnings report from Saudi Aramco over the weekend could lift the market's mood. The Saudi oil behemoth trumpeted a second quarter profit of $48.4-billion (U.S.), the highest in its three-year history as a public company and (according to Bloomberg) the highest of any publicly listed company globally. President and chief executive officer Amin Nasser gave the credit to higher oil prices and better refining margins. The company took in $34.6-billion (U.S.) in free cash flow during the second quarter and plans to pay out $18.8-billion in dividends in the third quarter.

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