The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Thursday.
WCS for August delivery in Hardisty, Alberta, settled at $14.30 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $14.40 on Wednesday.
* The discount remains significantly wider than it was in June, due to the partial reopening of the Strait of Hormuz and the ongoing weakness in China’s import appetite, which is hurting demand for heavy crude globally, analysts say.
* Global oil prices slid about 2% on Thursday on worries that rising inflation and other economic concerns could weigh on global oil demand despite continuing supply constraints as the U.S.-Iran conflict has delayed full reopening of Strait of Hormuz.
(Reporting by Amanda Stephenson in Calgary; Editing by Sanjeev Miglani and Jonathan Ananda)