The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) weakened on Friday.
WCS for November delivery in Hardisty, Alberta, settled at $23.00 a barrel under WTI, according to brokerage CalRock, widening from Thursday’s close of $22.10 a barrel under WTI.
A busy refinery maintenance season that will curb demand for Canadian heavy crude is weighing on prices, market players said.
Global prices leapt nearly 6%, with Brent posting its highest weekly gain since February, as investors priced in the possibility that the conflict in the Middle East could widen as Israel began ground raids inside the Gaza Strip.
(Reporting by Nia Williams in British Columbia; Editing by Shilpi Majumdar)