CANADA-CRUDE-Discount on Western Canada Select narrows for first time since Maduro capture
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The discount on Western Canada Select (WCS) crude oil narrowed to $14.80 per barrel below West Texas Intermediate (WTI) for the first time since the U.S. capture of Venezuelan President Maduro. This change reflects a potential increase in Venezuelan oil supply competing with Canadian heavy oil. Factors supporting WCS prices include low Alberta oil inventories and the possibility of Chinese refiners sourcing Canadian oil. Oil prices rose 2% due to supply concerns from protests in Iran and the ongoing conflict in Ukraine.
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