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Heavy oil discount widens slightly

September 3, 20243:46 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) widened on Tuesday as the new monthly trade cycle got underway:

* WCS for October delivery in Hardisty, Alberta, traded at $13.50 a barrel below WTI on Tuesday, according to brokerage CalRock, having settled at $13.40 a barrel under the benchmark on Friday.

* Canadian pipeline operator Enbridge is cutting its tariffs for September by 11% per barrel on heavy crude moving on its Mainline system in response to increased competition from the newly expanded Trans Mountain line. The 3-million-bpd system ships the bulk of Canada’s crude exports from Edmonton to the U.S.

* Global oil prices tumbled, with Brent crude futures settling down $3.77 a barrel to their lowest since Dec. 12, on signs of a deal to resolve a dispute that has halted Libyan crude production and exports.

(Reporting by Georgina McCartney in Houston; Editing by Tasim Zahid)

Enbridge

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