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Crude oil for August delivery on the New York Mercantile exchange closed down $2.52, or 3.1%, at US$77.69, the lowest for the active contact since October.

With few expecting much to be accomplished at this week's European summit, the deteriorating demand outlook for crude continued to take centre stage. The strong U.S. dollar, as well as weak equities today, also pressured crude lower.

The European Summit continues Friday. Most observers expect there could be a road map drawn up for fiscal, financial and political union, but no concrete short-term measures to relieve market stress.

Natural gas closed down 11 cents, or 3.8%, at $2.69 per million British thermal units, pressured by a U.S. government report showing a greater-than-expected supply boost last week.

But Encana (ECA.TO) rose as much as 8% today, after Malaysia's state oil company said it will buy Encana rival Progress Energy Resources Corp (PRQ.TO) for a rich premium. The takeover sparked speculation that that equity valuations for Encana and other Canadian companies that control shale gas fields in northeastern British Columbia and Alberta may be too low.

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