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(Reuters) – The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Wednesday.
WCS for August delivery in Hardisty, Alberta, settled at $14.40 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $14.95 on Tuesday.
- The discount so far this July has unwound most of the tightening that took place in June. Increased volumes of oil transiting through the Strait of Hormuz and the ongoing weakness in China’s import appetite are hurting demand for heavy crude globally, analysts say.
- But global crude oil prices settled nearly 5% higher on Wednesday after U.S. President Donald Trump threatened fresh strikes against Iran, raising concerns that renewed hostilities in the Middle East could put a stop to vessel movements through the Strait of Hormuz.
Reporting by Amanda Stephenson in Calgary; Editing by Sanjeev Miglani and Jonathan Ananda
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