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by Stockwatch Business Reporter
West Texas Intermediate crude for September delivery added 31 cents to $41.60 on the New York Merc, while Brent for September added seven cents to $43.41 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.35 to WTI, unchanged. Natural gas for August lost seven cents to $1.73. The TSX energy index added a fraction to close at 79.48.
The week began with a fresh setback for the oil patch, as Deutsche Bank proclaimed that it will no longer finance new energy projects in the oil sands, effective immediately. "The bank has tightened its fossil fuels policy ... for business activities involving oil, gas and coal worldwide," trumpeted the German giant this morning. On the oil and gas front, the bank is washing its hands of three particular types of projects: ones that involve fracking in countries with scarce water supplies; new projects in the Arctic region; and new projects in the oil sands, whether involving "exploration, production, transport or processing."
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