Heavy crude discount moves wider

Railcars holding crude oil

Canadian heavy crude’s differential to benchmark West Texas Intermediate (WTI) crude widened on Thursday.

Western Canada Select heavy blend crude for February delivery in Hardisty, Alberta, last traded at $13.50 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $13.05 per barrel below the U.S. crude benchmark on Wednesday.

Canadian heavy crude was following Gulf Coast prices lower, which came under pressure due to issues at a couple of U.S. refineries, one industry source said.

Global oil prices edged lower as investors took profits after two days of gains amid fears of aggressive U.S. interest rate hikes, but the losses were cushioned by expectations of a strong economic recovery that will boost demand in a tightly supplied market.

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