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The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened slightly on Tuesday, as steep losses in global benchmark oil prices pushed the outright price of Canadian crude lower:
* WCS for October delivery in Hardisty, Alberta settled at $13.80 a barrel below WTI, according to brokerage CalRock, having settled at $13.90 a barrel under the benchmark on Monday.
* While price action in the WCS market remained muted, the global WTI market plunged more than 5% to its lowest level since May 2023 after OPEC+ revised down its demand forecast for this year and 2025.
* That put the outright price of WCS at just under $52 a barrel.
(Reporting by Nia Williams in British Columbia; Editing by Krishna Chandra Eluri)
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