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The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) narrowed on Tuesday, the first day of the new monthly trade cycle:
* WCS for November delivery in Hardisty, Alberta, settled at $12.70 a barrel below WTI, according to brokerage CalRock, having settled at $13.05 a barrel under the benchmark in the previous trading session.
* Canadian heavy crude prices have held broadly steady in recent weeks, in contrast with volatile benchmark global oil prices.
* Global oil prices climbed about 3% after Iran fired a salvo of ballistic missiles at Israel in retaliation for Israel’s campaign against Tehran’s Hezbollah allies in Lebanon.
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