Feb 7 (Reuters) - Western Canada Select (WCS) crude's
discount to the benchmark West Texas Intermediate (WTI) narrowed
on Tuesday to less than $20 a barrel:
* WCS for March delivery in Hardisty, Alberta, traded
between $19.60 and $18.75 a barrel below WTI, according to
brokerage CalRock, strengthening from Monday, when it traded
between $21.80 and $20.00 a barrel under the benchmark.
* The ARC Energy Research Institute said that was the
tightest differential since September last year.
* Canadian heavy crude has been steadily narrowing this year
following the completion of the U.S. Strategic Petroleum Reserve
release in 2022 that flooded the market with sour crude, while
market players are also looking ahead to spring maintenance in
the oil sands that will crimp supply.
* Global oil prices climbed more than 3% after the head of
the U.S. central bank eased market concerns over interest rate
hikes, while recovering demand in China also boosted prices. (Reporting by Nia Williams; Editing by Subhranshu Sahu)
Messaging: nia.williams.thomsonreuters.com@reuters.net))
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