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The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) widened on Monday.
* WCS for April delivery in Hardisty, Alberta, settled at $10.65 a barrel under WTI, according to brokerage CalRock, after having settled at $10.40 under the U.S. benchmark on Friday.
* The differential between Canadian heavy crude and WTI remains approximately $3 tighter than it was at the start of the month.
* The differential tends to widen when oil prices are higher overall and narrow in lower price environments.
* U.S. President Trump’s trade war with other countries, including Canada, has roiled financial markets, raised recession fears and caused global oil prices to plummet on fears that demand could exceed supply.
* Oil prices rose slightly on Monday after the U.S. vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on shipping, while Chinese economic data buoyed hopes for higher demand.
(Reporting by Amanda Stephenson in Calgary; Editing by Alan Barona)
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