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Western Canada heavy oil differential edges wider

Monday, 10 July 2023 | 00:00

The discount of Western Canada Select (WCS) heavy crude to North American benchmark West Texas Intermediate (WTI) widened slightly on Friday:

* WCS for August delivery in Hardisty, Alberta, settled at $11.50 a barrel under WTI, according to brokerage CalRock, having settled at $11.15 a barrel under WTI on Thursday.

* Despite the slight widening, Canadian heavy crude remains supported by tight supply of sour crudes globally after OPEC+ said it would cut production to support prices, said Rory Johnston, founder of the Commodity Context newsletter.

* Global oil prices climbed about 3% to a nine-week high as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil.O/R
Source: Reuters (Reporting by Nia Williams in British Columbia; Editing by Shailesh Kuber)

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