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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 17 cents to $68.77 on the New York Merc, while Brent for January lost 20 cents to $72.81 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.70 to WTI, down from a discount of $9.60. Natural gas for December added six cents to $3.43. The TSX energy index lost 6.40 points to close at 278.31.

Oil prices wobbled as traders weighed U.S. president-elect Donald Trump's announcement that he will impose sweeping tariffs on major U.S. trading partners, including Canada. The vast majority of Canada's crude exports (and gas exports) go to our southern neighbour. Analysts have mixed views on whether Mr. Trump will exempt Canadian crude from the tariffs, but within the sector, opinion is all but unanimous that he should, for both countries' sakes. "[The proposed tariffs] would likely result in lower production in Canada and higher gasoline and energy costs to American consumers while threatening North American energy security," said Lisa Baiton, chief executive officer of the Canadian Association of Petroleum Producers (CAPP), in a media statement. Alberta Premier Danielle Smith echoed these remarks, posting on social media that the tariffs are "unnecessary" and that there are other ways to "strengthen energy security for both the U.S. and Canada."

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