Western Canada Select (WCS) crude’s discount to the benchmark West Texas Intermediate (WTI) narrowed on Friday:

WCS for March delivery in Hardisty, Alberta, strengthened to $22.50 a barrel below WTI, according to brokerage CalRock, having settled at $22.90 a barrel on Thursday.

Canadian heavy crude continues to follow U.S. Gulf Coast prices higher, said one Calgary-based crude trader, and could tighten further as maintenance season gets underway in the oil sands and reduces supply.

A Canadian offshore oil regulator said on Friday it has licensed a significant discovery by Equinor ASA EQNR.OL off the country’s Atlantic coast, the first such license it has issued in two years.

Global oil prices fell to over three-week lows in a volatile session, after strong U.S. jobs data raised concerns about higher interest rates and as investors sought more clarity on the imminent EU embargo on Russian refined products.

The outright price of WCS was just under $51 a barrel.
Source: Reuters (Reporting by Nia Williams)