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<\/source><\/source><\/source><\/source><\/source><\/picture>Canada’s push for U.S. market share spectacularly paid off. U.S. imports of Canadian crude have doubled since 2009, while imports from Mexico and Venezuela have declined.<\/span> Photo by Larry MacDougal\/The Canadian Press\/Postmedia files<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n\nArticle content<\/h2>\n Canadian oil prices have been unexpectedly resilient so far this year despite escalating trade tensions with the United States, with the discount on Canada\u2019s benchmark heavy oil, Western Canadian Select (WCS), shrinking last week to its narrowest gap since 2020.<\/p>\n<\/section>\n\nArticle content<\/p>\n<\/section>\n\nArticle content<\/p>\n
U.S. President Donald Trump\u2019s repeated threats to impose tariffs on Canada since his re-election last November initially put pressure on Canadian crude prices. But since early March, when he exempted Canadian goods covered under the Canada-United-States-Mexico Agreement (CUSMA), and amid fresh U.S. sanctions on rival heavy oil exporter Venezuela, demand for Canadian heavy crude has been particularly strong.<\/p>\n<\/section>\n
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