The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) narrowed on Tuesday.
* WCS for April delivery in Hardisty, Alberta, settled at $11 a barrel under WTI, according to brokerage CalRock, after having settled at $11.55 under the U.S. benchmark on Monday.
* Last Tuesday saw U.S. President Donald Trump apply 25% tariffs to most Canadian goods and 10% to Canadian energy products.
* Then on Thursday, Trump suspended the tariffs for an additional month.
* The one-month reprieve only covers crude shippers who have made formal declarations to become compliant under United States-Mexico-Canada Agreement free trade rules. Canadian crude shippers who have not yet done so will now be hurrying to complete the required paperwork, said Rory Johnston, energy analyst and founder of the Commodity Context newsletter.
* Canada exports approximately 4 million barrels of oil per day, about 90% of its total crude exports, to the United States.
* Global oil prices settled slightly higher on Tuesday, helped by weakness in the dollar, but gains were capped by mounting fears of a U.S. economic slowdown and the impact of tariffs on global economic growth.
(Reporting by Amanda Stephenson in Calgary; Editing by Mohammed Safi Shamsi)