Discount on Western Canada Select Heavy Crude Widens

(Reuters) – The discount on Western Canada Select (WCS) heavy crude versus the North American benchmark West Texas Intermediate (WTI) widened on Wednesday:

• WCS for February delivery in Hardisty, Alberta, settled at $12.80 a barrel under the WTI benchmark, according to brokerage CalRock, having settled at $12.35 a barrel under the U.S. benchmark on Tuesday.
• Oil prices rose more than 2% on Wednesday, supported by a large draw in U.S. crude stockpiles and potential supply disruptions caused by new U.S. sanctions on Russia, while a Gaza ceasefire deal limited gains.

Reporting by Georgina McCartney in Houston; Editing by Shailesh Kuber

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