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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 88 cents to $68.00 on the New York Merc, while Brent for January lost 34 cents to $72.94, both benchmarks notching a weekly and a monthly decline (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, up from a discount of $12.10. Natural gas for January added seven cents to $3.36. The TSX energy index added a fraction of a point to close at 280.59.

Oil prices had another thumb-twiddling day, with U.S. markets closing early as Americans went shopping for Black Friday bargains. Meanwhile, citing scheduling conflicts, OPEC+ has postponed a Dec. 1 policy meeting to Dec. 5. The delay is bolstering speculation that the group is pondering another extension to its production cuts, currently set for a gradual phase-out starting in January. "We now think the oil production cuts will last until April," predicted Goldman Sachs.

Here in Canada, the Gray brothers' thinly traded Petrus Resources Ltd. (PRQ) added one cent to $1.44 on 30,900 shares. It gave investors two updates to ponder, one run of the mill and the other out of the blue. The run-of-the-mill one was the monthly activity update published on Petrus's website. Production for the month of October averaged 9,200 barrels of oil equivalent a day, a nice jump from 7,900 barrels a day in September, but still down from 10,100 barrels a day in August. The September drop reflected shut-ins from Petrus's Ferrier Cardium assets caused by a scheduled plant shutdown. The plant is now back in service, and Petrus is back to work in the field. It expects to release its 2025 guidance and other "details on next year's strategy" early in the new year.

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