* WCS for February delivery in Hardisty, Alberta, settled at $19.45 a barrel under WTI, according to brokerage CalRock. WCS traded between $19.60 and $19.25 a barrel on Friday under the U.S. benchmark.
* Market participants are focused on the timing of the Trans Mountain pipeline expansion (TMX) entering service, and awaiting a key decision from the Canada energy regulator on a variance request.
* Trans Mountain plans to begin line fill of its expanded pipeline in March or May, depending on the diameter of pipe it uses and assuming no new problems, the Canadian government-owned company said last week.
* Further delays to the expansion project would likely result in rising Canadian oil production exceeding pipeline export capacity sometime in mid-late 2024, Eight Capital analysts said in a research note.
* Global oil prices fell over 3% on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output that offset supply concerns generated by escalating geopolitical tension in the Middle East.
(Reporting by Nia Williams in British Columbia; Editing by Sherry Jacob-Phillips)