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Share Price Information for BP (BP.)

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Share Price: 524.80
Bid: 525.20
Ask: 525.30
Change: -1.50 (-0.29%)
Spread: 0.10 (0.019%)
Open: 529.30
High: 530.70
Low: 522.30
Prev. Close: 526.30
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Canada crude - Expectation of Whiting demand lifts prices

Tue, 07th May 2013 21:36

* June WCS last seen at $22.75/bbl under WTI

* June synthetic at $0.65/bbl discount to WTI

CALGARY, Alberta, May 7 (Reuters) - Canadian oil pricesedged higher on Tuesday on talk BP Plc plans to begin thestart-up of an upgraded crude distillation unit at its 405,000barrel-per-day Whiting, Indiana, refinery at the end of May.

Western Canada Select heavy blend for June delivery lasttraded at $22.75 per barrel below the West Texas Intermediatebenchmark, according to Shorcan Energy Brokers.

That compares with a settlement price on Monday of $24 perbarrel under WTI.

Light synthetic crude from the oil sands last traded at adiscount of $0.65 per barrel under WTI, down from a settlementprice on Monday of $0.8 below the benchmark.

BP's upgraded crude distillation unit is intended to liftthe refinery's capacity to run Canadian crude oil to 350,000 bpdfrom 80,000 bpd, and would give a significant boost to demand.

One source familiar with refinery operations said BP wouldlike to see the crude unit in operation this month.

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*

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