CDN NEWS | 
US NEWS 
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Tuesday.
WCS for August delivery in Hardisty, Alberta, settled at $14.95 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $15.15 on Monday.
* The discount has unwound most of the tightening that took place in June. This month’s widening trend is due to increased volumes of oil transiting through the Strait of Hormuz and the ongoing weakness in China’s import appetite, analysts say, which is hurting demand for heavy crude globally.
* Oil prices settled 3% higher on Tuesday and then extended gains post-settlement, after the U.S. revoked the general license that authorized the sale of Iranian crude oil. Reports of attacks on vessels near the Strait of Hormuz also revived fears of disruptions to tanker shipping.
(Reporting by Amanda Stephenson in Calgary; Editing by Sanjeev Miglani)
Share This:
