Canada's WCS Discount Wides Expands Amid Global Oil Price Decline

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Friday. WCS for November delivery in Hardisty, Alberta settled at $24.65 a barrel below the US benchmark WTI, according to brokerage CalRock.

This marks an increase from Thursday's settlement of $24.10 per barrel under WTI. The widening discount comes after the Group of Seven countries agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves and pledged not to impose energy export restrictions, following pressure from US President Donald Trump.

Global oil prices fell as a result. Canadian Prime Minister Mark Carney announced on Thursday that his government will fast-track the approval process for a proposed crude oil export pipeline to Canada's west coast, which could generate over C$20 billion ($14 billion) in GDP annually.