The Canadian heavy crude discount narrowed against benchmark West Texas Intermediate (WTI) futures on Monday:
* Western Canada Select (WCS) heavy blend crude for September delivery in Hardisty, Alberta, last traded at $10.95 per barrel below WTI, according to Net Energy Exchange. On Friday, it settled at $12.00 per barrel below WTI.
* One Calgary-based industry source said there was strong buying as market players covered positions ahead of the end of the monthly trade cycle on Thursday.
* Alberta crude production is curtailed after the provincial government imposed limits in January to ease pipeline congestion and drain storage inventories. Curtailments have been gradually reduced throughout the year.
* Western Canadian crude oil inventories fell in July to their lowest level in nearly two years, energy information provider Genscape said last week.
* Oil prices rose 43 cents to $54.93. Gains were capped as expectations that major producers would continue to reduce global supplies were offset by worries about sluggish growth in crude demand due to the U.S.-China trade war.
