The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Thursday, as the new monthly trade cycle got underway:
* WCS for February delivery in Hardisty, Alberta, settled at $12.25 a barrel under the WTI benchmark, according to brokerage CalRock, having settled at $12.90 a barrel under the U.S. benchmark on Tuesday.
* Global oil prices settled up by more than $1 a barrel as investors returned for the first trading day of 2025 with an optimistic eye on China’s economy and fuel demand after a pledge by President Xi Jinping to promote growth.
(Reporting by Georgina McCartney in Houston; Editing by Alan Barona)