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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 60 cents to $78.50 on the New York Merc, while Brent for August added 68 cents to $82.60 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.80 to WTI, down from a discount of $13.40. Natural gas for July lost eight cents to $3.05. The TSX energy index lost 2.11 points to close at 284.12.

Oil prices headed higher, shrugging off bearish supply data. Today's weekly energy report from the U.S. Energy Information Administration (EIA) showed that domestic crude inventories increased by 3.7 million barrels last week, a long way off from analysts' predictions of a decrease of one million barrels. It was even further from the 2.5-million-barrel decrease shown in yesterday's weekly report from the American Petroleum Institute (API). The weekly API and EIA figures are usually more aligned, but sometimes gaps open up, reflecting the fact that reporting to the API is voluntary whereas reporting to the government is mandatory.

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