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The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Tuesday.
WCS for May delivery in Hardisty, Alberta, settled at $16.50 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $16.25 on Monday.
* The WCS differential has been volatile since the start of the U.S. war on Iran, with competing variables pulling and pushing on relative prices for Canadian heavy crude.29dk2902l
* Analysts have said planned oil releases from the U.S. strategic reserve throughout April and May, which are aimed at addressing Iran-related supply pressures, are likely contributing to the recent widening of the differential.
* Oil prices dropped on Tuesday on hopes Iran will resume talks with the U.S. and Israel to end the conflict that has shut the Strait of Hormuz, one of the world’s major waterways for transporting crude and refined products.
(Reporting by Amanda Stephenson in Calgary; Editing by Vijay Kishore)
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