Oil prices were absolutely smashed today. WTI crude oil fell $2.85 to as low as $84.06 and prices are down more than 21% from the June high.
Naturally, one of the reactions is to sell Canadian dollars because of the huge oil reserves in Alberta.
Not so fast. WTI is the benchmark for West Texas crude. Canadian oil is generally priced via Western Canada Select and as the price of WTI fell, the spread over Western Canada Select has narrowed to the least in 15 months.
Overall, Canadian oil is still trading in the upper half of its three-year range.
Western Canada Select price
