Canada’s benchmark heavy oil price has recovered since the oil-rich Alberta province mandated in December an oil production cut of more than 300,000 bpd, with the discount of Canadian oil to the U.S. benchmark WTI narrowing to its lowest in a decade. Last Friday, the discount of Western Canadian Select (WCS)—the benchmark price of oil from Canada’s oil sands—to WTI narrowed to just US$7 a barrel, the smallest discount since March 2009, according to data from RBC Capital Markets quoted by The Wall Street Journal—a sign…
