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CANADA-CRUDE-Heavy crude narrows amid strong demand

Published 2021-01-11, 05:24 p/m
© Reuters.

CALGARY, Alberta, Jan 11 (Reuters) - Canadian heavy crude's discount to West Texas Intermediate (WTI) narrowed by more than $1 on Monday.

* Western Canada Select (WCS) heavy blend crude for February delivery in Hardisty, Alberta, traded at $13.40 per barrel below WTI, according to NE2 Canada Inc, narrowing from Friday's settle of $14.75 a barrel under WTI.

* Strong demand for Canadian heavy barrels in the U.S. Gulf Coast helped boost prices, one market source said.

* Light synthetic crude from the oil sands for February delivery traded at $4.10 a barrel below WTI, tightening slightly from Friday's settle of $4.30 a barrel under the benchmark.

* Global oil prices steadied on Monday after strong gains last week, as tough coronavirus lockdowns around the world renewed concerns about global fuel demand, while a stronger U.S. dollar also weighed on prices.

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