The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed on Thursday.
WCS for October delivery in Hardisty, Alberta, settled at $11.20 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $11.30 a barrel discount on Wednesday.
* WCS discounts are not expected to be as narrow in the second half of the year as they were this spring. Western Canadian crude production continues to grow, with the oil-producing province of Alberta hitting a new record of 4.3 million barrels per day in July.
* U.S. imports of Venezuelan heavy crude also resumed in late August, a factor that weighs on demand for Canadian heavy barrels.
* World oil supply will rise more rapidly this year and a surplus could expand in 2026 as OPEC+ members increase output and supply from outside the group grows, the International Energy Agency said on Thursday, in contrast to OPEC’s own updated outlook.
* Global oil prices slid on Thursday, settling about 2% lower as concerns over possible softening of U.S. demand and broad oversupply offset threats to output from the conflict in the Middle East and the war in Ukraine.
(Reporting by Amanda Stephenson in Calgary; Editing by Franklin Paul)