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Reuters
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Tuesday as global oil prices plummeted after Trump’s Middle East de-escalation prediction.
WCS for April delivery in Hardisty, Alberta, settled at $12.75 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12.65 on Monday.
* The discount on heavy Canadian crude remains almost a dollar tighter than when the U.S.-Israeli war on Iran began.
* With the Strait of Hormuz closed, there is a supply shortage of heavy and sour grades of crude oil in Asia, which is increasing demand for Canadian barrels in overseas markets.29dk2902l
* But global oil prices plunged by more than 11% on Tuesday, the steepest percentage drop of any session since 2022, a day after U.S. President Donald Trump predicted a quick end to the war with Iran that has disrupted global crude flows.
(Reporting by Amanda Stephenson in Calgary; Editing by Alan Barona)
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