The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) narrowed on Friday to end what has been a week of uncertainty in oil markets due to the fluctuating trade policy in the U.S.

WCS for April delivery in Hardisty, Alberta, settled at $12.15 a barrel under WTI, according to brokerage CalRock, after having settled at $12.70 under the U.S. benchmark on Thursday.

The tumultuous week saw U.S. President Donald Trump on Tuesday apply 25% tariffs to most Canadian goods and 10% to Canadian energy products.

Canada exports approximately 4 million barrels of oil per day, about 90% of its total crude exports, to the United States.

But on Thursday, Trump suspended the tariffs for an additional month, though a White House official said not all energy products would be covered by the exemption.

Globally, oil prices gained on Friday but retreated from session highs after Trump threatened sanctions on Russia if it fails to reach a cease-fire with Ukraine.
Source: Reuters