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Heavy crude discount narrows in thin trading

July 5, 20211:57 PM Reuters0 Comments

crude oil rail cars

Canadian heavy crude’s discount to West Texas Intermediate (WTI) narrowed on Monday in thin trading during a U.S. market holiday.

Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, traded at $13.50 per barrel below the WTI benchmark, according to NE2 Canada Inc, wider than Friday’s settle of $13.95 a barrel under the benchmark.

Rising refinery utilization in North America has buoyed Canadian crude prices, keeping the differential relatively narrow.

Light synthetic crude from the oil sands for August delivery traded at $1 a barrel below U.S. futures, compared with 75 cents under, on Friday.

Global oil prices rose, driven higher after OPEC+ nations called off talks on output levels, meaning no deal to boost production has been agreed.

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