Western Canada Select (WCS) heavy crude’s discount to the benchmark West Texas Intermediate (WTI) tightened on Friday.
WCS for June delivery in Hardisty, Alberta, traded between $14.15 and $14.10 a barrel under the benchmark, according to brokerage CalRock. On Thursday it settled at $14.30 a barrel under WTI.
Global oil prices rose on the day, but ended down for the third straight week after a sharp fall earlier this week ahead of benchmark interest rate rises and on concern that the U.S. banking crisis will slow the economy and sap fuel demand.
That put the outright price of WCS just over $57 a barrel.