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Heavy oil discount narrows

August 6, 20246:25 PM Reuters0 Comments

crude oil rail cars The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened on Tuesday:

* WCS for September delivery in Hardisty, Alberta, settled at $13.60 a barrel below WTI, according to brokerage CalRock, having settled at $14.35 a barrel under the U.S. benchmark on Friday.

* Canadian heavy crude prices are recovering after coming under pressure in recent weeks from U.S. refinery outages and weak pricing on the U.S. Gulf Coast.

* Wildfires continue to burn in the oil sands region of northern Alberta. None of the blazes are threatening oil sands facilities but concerns about the fires are helping support prices, one Calgary-based broker said.

* Global oil prices settled higher, bouncing off multi-month lows hit in the previous session, as investor attention turned to supply tightness and financial markets recovered from their recent slump.

(Reporting by Nia Williams in British Columbia; Editing by Mohammed Safi Shamsi)

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