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The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Thursday.
WCS for February delivery in Hardisty, Alberta, settled at $14.10 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $14.30 a barrel on Wednesday.
The discount on Canadian heavy crude remains more than $1 wider than it was last month.
The price for Canadian heavy crude grades has fallen in the wake of heightened market volatility caused by U.S. President Donald Trump’s stated goal to increase Venezuelan oil production.
Investors are watching for the potential for an increase in Venezuelan barrels to compete with similar-in-quality Canadian heavy oil in the U.S. Gulf Coast over the longer term.29dk2902l
But some analysts have suggested the market thus far may have overreacted, given it will take years for Venezuela to significantly ramp up its oil production beyond current levels.
Global oil prices settled down around 4% on Thursday, ending a five-day streak of gains, after Trump said the crackdown on protesters in Iran was easing, allaying concerns over potential military action against the country and oil supply disruptions.
(Reporting by Georgina McCartney in Houston; Editing by Sahal Muhammed)
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