Western Canada Select (WCS) heavy crude’s discount to the benchmark West Texas Intermediate (WTI) tightened on Tuesday.
WCS for May delivery in Hardisty, Alberta, traded between $16.00 and $15.50 a barrel under WTI, according to brokerage CalRock, after having traded between $16.30 and $15.80 a barrel under the U.S. benchmark on Monday.
The Canadian heavy crude benchmark remains in sight of recent 11-month highs hit last week of around $14.00 a barrel under WTI.
Parkland Corp’s 55,000 barrel-per-day Burnaby, British Columbia, refinery has returned to normal operations after an eight-week turnaround, the company said on Tuesday.
Global oil prices rose about 2% on hopes that the Federal Reserve might ease up on its policy tightening after a key U.S. inflation report this week, though concerns remain over Chinese demand.
The outright price of WCS was just under $66 a barrel.