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Heavy oil discount widens marginally

June 5, 20245:50 PM Reuters0 Comments

The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened slightly on Wednesday:

* WCS for July delivery in Hardisty, Alberta, traded at $13.40 a barrel below WTI, according to brokerage CalRock, having settled at $13.35 a barrel under the benchmark on Tuesday.

* Canadian heavy crude prices are easing after tightening last month with the start-up of the 590,000 barrel-per-day Trans Mountain pipeline expansion.

* Global oil prices climbed 1%, rebounding from four-month lows, as hopes of an interest rate cut by the U.S. Federal Reserve in September outweighed demand concerns after data showing builds in U.S. crude and fuel stocks.

(Reporting by Nia Williams in British Columbia; Editing by Chris Reese)

Trans Mountain Pipeline

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