The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed slightly on Wednesday:
* WCS for March delivery in Hardisty, Alberta, settled at $19.15 a barrel under WTI, according to brokerage CalRock, having closed at $19.45 per barrel below the U.S. benchmark on Tuesday.
* Despite the slight tightening, Canadian heavy crude prices remain under pressure due to the ongoing shutdown of BP’s 435,000 barrel-per-day Whiting refinery, which is a major buyer of WCS, and fresh delays to the Trans Mountain pipeline expansion project.
* Global oil prices rose for a third consecutive day, boosted by a larger-than-expected fall in U.S. fuel stocks, and rising tensions in the Middle East.
(Reporting by Nia Williams in British Columbia; Editing by Stephen Coates)