CANADA-CRUDE-Discount on Western Canada Select narrows
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The discount on Western Canada Select (WCS) crude oil to West Texas Intermediate (WTI) narrowed to $14.10 a barrel for February delivery, down from $14.30 the previous day. Despite this narrowing, the discount remains over $1 wider than last month. Market volatility has increased due to U.S. President Trump's goal to boost Venezuelan oil production, which could impact Canadian heavy crude competition in the U.S. Gulf Coast. Global oil prices fell about 4% after easing tensions in Iran reduced concerns over military action and supply disruptions.
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