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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery lost $1.12 to $77.16 on the New York Merc, while Brent for September lost $1.24 to $81.13, both benchmarks notching their third consecutive weekly drop (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.90 to WTI, up from a discount of $14.70. Natural gas for August lost three cents to $2.01. The TSX energy index added 1.05 points to close at 283.47.

Oil sands producer MEG Energy Corp. (MEG) added 41 cents to $27.91, as it unveiled a dividend for the first time in its 14-year history. Its inaugural 10-cent quarterly dividend will be payable on Oct. 15 and represents a yield of 1.4 per cent. President and chief executive officer Darlene Gates -- who took the top job in May and was widely thought to be eyeing a dividend as part of her stamp on the company -- hailed the payout as proof of MEG's "maturation as a senior Canadian oil producer."

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