Western Canada Select (WCS) crude’s discount to the benchmark West Texas Intermediate (WTI) narrowed on Tuesday:
WCS for February delivery in Hardisty, Alberta, traded between $25.15 and $24.95 a barrel below WTI, according to brokerage CalRock. On Monday, WCS traded between $26.10 and $25.75 a barrel under U.S. crude.
The Canadian heavy crude discount has been narrowing since TC Energy restarted its Keystone pipeline in December after a leak of 14,000 barrels in Kansas. The 622,000 barrel-per-day pipeline delivers Canadian crude to U.S. refineries.
Global oil prices edged slightly higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. (Reporting by Nia Williams)