The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Thursday:
• WCS for July delivery in Hardisty, Alberta, traded at $13.05 a barrel below WTI, according to brokerage CalRock, having settled at $13.40 a barrel under the benchmark on Wednesday.
• Canadian heavy crude prices are being supported by the start-up of the 590,000 barrel-per-day Trans Mountain pipeline expansion, which is helping transport high production from the oil sands to market.
• Global oil prices settled up 2% after the European Central Bank opted to cut interest rates, spurring hopes that the Fed will follow suit, and OPEC+ ministers reassured investors the latest oil output agreement could change depending on the market.
(Reporting by Nia Williams in British Columbia; Editing by Subhranshu Sahu)