Western Canada Select (WCS) crude’s discount to the benchmark West Texas Intermediate (WTI) tightened on Wednesday.
WCS for April delivery in Hardisty, Alberta traded between $16.75 and $16.45 a barrel under WTI, according to brokerage CalRock, having traded between $17.10 and $16.90 a barrel under the U.S. benchmark on Tuesday.
Canadian heavy crude remains in sight of a nine-month high of around $15 a barrel under WTI hit last week.
WTI plunged to its lowest in more than a year before settling at $67.61 as unease over Credit Suisse spooked world markets and offset hopes of a Chinese oil demand recovery.