Canadian heavy crude’s discount to West Texas Intermediate (WTI) narrowed on Wednesday.
Western Canada Select (WCS) heavy blend crude for July delivery in Hardisty, Alberta, last traded at $14.10 per barrel below the WTI benchmark, according to NE2 Canada Inc, tightening from Tuesday’s settle of $14.65 a barrel.
One Calgary-based industry source said trade was relatively busy on the second day of the monthly trade cycle.
Light synthetic crude from the oil sands for July delivery widened to $1.80 per barrel below WTI, according to NE2, having settled at $1.70 a barrel on Tuesday.
Global oil prices surged, hitting their highest in more than a year on a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.