Western Canada Select (WCS) heavy crude’s discount to the benchmark West Texas Intermediate (WTI) narrowed slightly on Wednesday.
WCS for June delivery in Hardisty, Alberta, traded between $14.80 and $14.55 a barrel under WTI, according to brokerage CalRock, tightening from the previous day when it traded between $14.90 and $14.80 a barrel under the benchmark.
Global oil prices fell 4%, extending steep losses from the previous session after the U.S. Federal Reserve raised interest rates and as investors fretted about the economy.
That put the outright price of WCS just under $54 a barrel, weakening from less than $61 a barrel at the start of the week.