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The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) tightened on Monday:
* WCS for November delivery in Hardisty, Alberta, firmed on Monday, trading at a low of minus $12.20 versus WTI, but climbing to a $11.75 a barrel discount, according to brokerage CalRock. It settled at $12.20 a barrel under the benchmark on Friday.
* Oil futures rose by 3% on Monday, with Brent surpassing $80 a barrel as conflict in the Middle East escalated. Brent futures settled at $80.93 a barrel, while West Texas Intermediate settled at $77.14 a barrel.
* Chevron said on Monday it would sell its Athabasca oil sands and Duvernay shale assets to Canadian Natural Resources for $6.5 billion. The sale puts into motion Chevron’s plan to raise $10 billion to $15 billion through asset sales.
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