<p>Feb 9 (Reuters) - The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures  (CLc1)  widened to its steepest point since July 2024 on Monday.</p>
<p>WCS for March delivery in Hardisty, Alberta, settled at $15.45 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $15.25 on Friday.</p>
<ul>
<li>The discount on Canadian heavy crude has widened by more than $2 since the start of January, largely due to U.S. President Donald Trump’s stated goal to increase Venezuelan oil production.</li>
<li>Investors are watching for the potential for an increase in Venezuelan barrels to compete with similar in quality Canadian heavy oil in the U.S. Gulf Coast over the longer term.</li>
<li>Venezuela’s state oil company PDVSA has reversed most output cuts at its own oilfields and joint ventures in the Orinoco Belt, the country’s main crude region, boosting total output close to 1 million barrels per day (bpd), sources close to operations told Reuters.</li>
<li>Oil prices settled more than 1% higher on Monday after the U.S. Department of Transportation issued an advisory to U.S.-flagged vessels to stay as far as possible from Iranian territory while passing through the Strait of Hormuz and the Gulf of Oman.</li>
</ul>

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CANADA-CRUDE-Discount on Western Canada Select continues to widen