Western Canada Select (WCS) crude’s discount to the benchmark West Texas Intermediate (WTI) widened on Tuesday.
WCS heavy blend crude for December delivery in Hardisty, Alberta, traded at $29 a barrel under WTI, according to NE2 Inc, widening around 40 cents from the previous trading day.
After widening sharply in October, the WCS discount has fluctuated this month but remains significantly deeper than earlier in the year.
One industry source said choppy price action was being driven by financial market positioning.
Global oil prices fell more than $2 on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. midterm elections.
That put the outright price of WCS at just under $60 a barrel.