CANADA-CRUDE-Discount on Western Canada Select widens
Nov 10 (Reuters) - The discount on Western Canada Select to North American benchmark West Texas Intermediate futures CLc1 widened on Monday.
WCS for December delivery in Hardisty, Alberta, settled at $11.70 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared to Friday's close of $11.65.
The differential has been trading in a tight band, ranging between $10.25 and $11.70 under WTI, since September 1.
Analysts point to strong international buying of Canadian crude off the Pacific coast via the Trans Mountain pipeline, especially by China. Buying of Canadian barrels for re-export out of the Gulf Coast has also been stronger than usual in reaction to additional sanctions on Russia.
Globally, oil prices settled higher on Monday as analysts focused on potential fuel supply disruptions from fresh U.S. sanctions and Ukrainian drone attacks on Russian refineries, although predictions of a crude supply surplus kept gains in check.
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