Oil Price in Canadian Dollars
To convert WTI into Canadian dollars, multiply the US dollar price per barrel by the USD/CAD rate. With WTI near $92.80 and USD/CAD about 1.424 on 13 October 2026, a barrel of WTI was worth roughly C$132. Canadian heavy crude (Western Canadian Select) sells at a discount to that figure.
WTI price in Canadian dollars: converter
Defaults: WTI near $92.80 per barrel; USD/CAD 1.4241, the cross rate implied by European Central Bank reference rates for 13 October 2026. To value WCS, enter WTI minus the current WCS discount. Live WTI data is on the WTI crude oil price page.
WTI vs WCS: the heavy-oil discount
Most Canadian oil production comes from the Alberta oil sands and is sold as heavy, high-sulphur blends. The main one, Western Canadian Select (WCS), is a blend of bitumen and lighter diluent priced at Hardisty, Alberta. Recent assays put it at about 21–22° API with roughly 3.5–3.7% sulphur (Crude Monitor, 2025), against about 40° API and 0.2–0.3% sulphur for WTI.
WCS therefore trades at a discount to WTI, quoted in US dollars per barrel. Three things set its size:
- Quality. Heavy, sour crude yields less gasoline and diesel and needs complex refineries with cokers, mostly on the US Gulf Coast and in the Midwest.
- Transport. Barrels must travel by pipeline or rail from Alberta to refiners or ports. When pipelines are full, the discount widens sharply. The Trans Mountain Expansion, which started operating in May 2024, added export capacity to the Pacific coast and helped narrow the gap.
- Competing heavy supply. Changes in Venezuelan, Mexican and Middle East heavy sour exports change what US refiners will pay for Canadian barrels.
Current spreads and their history are on our WCS price page.
Why the loonie tracks oil
Crude oil is Canada's largest export, and Canada is the largest foreign supplier of crude to the United States. Higher oil prices raise US dollar export earnings and investment in the oil patch, which increases demand for Canadian dollars. Lower prices do the opposite. The link is not exact, because interest-rate gaps between the Bank of Canada and the Federal Reserve also move the currency, but it is clear over longer periods.
The annual numbers show it. In 2012 WTI averaged $94.05 and the loonie traded at roughly par with the US dollar. In 2016, after the oil price crash, WTI averaged $43.29 and USD/CAD averaged 1.32. This acts as a partial cushion for Canadian producers: when oil falls in US dollars, a weaker loonie limits the fall in Canadian dollars.
| Year | WTI (USD/bbl) | Avg USD/CAD | WTI (C$/bbl, approx.) |
|---|---|---|---|
| 2012 | $94.05 | 1.0000 | C$94.03 |
| 2014 | $93.17 | 1.1043 | C$102.88 |
| 2015 | $48.66 | 1.2791 | C$62.24 |
| 2016 | $43.29 | 1.3248 | C$57.35 |
| 2020 | $39.16 | 1.3407 | C$52.50 |
| 2022 | $94.90 | 1.3018 | C$123.54 |
| 2023 | $77.58 | 1.3499 | C$104.73 |
| 2024 | $76.63 | 1.3696 | C$104.95 |
| 2025 | $65.39 | 1.3981 | C$91.42 |
WTI: EIA annual average Cushing spot price (series RWTC); more years on oil price history. USD/CAD: annual average of daily cross rates derived from ECB euro reference rates (2012 average 0.9997, shown rounded). C$ price = annual WTI average × annual rate average, an approximation.
2026: oil above C$130
The 2026 Middle East supply shock pushed oil prices far above their 2025 levels. WTI traded near $92.80 on 13 October 2026, about 40% above its 2025 average. Combined with a loonie near C$1.42 per US dollar, that put WTI at roughly C$132 per barrel, above the 2022 annual average of about C$124. For the global context, compare WTI with Brent on Brent vs WTI, and read what moves oil prices.
Oil price in Canadian dollars FAQ
How do I convert the oil price to Canadian dollars?
Multiply the US dollar price per barrel by the USD/CAD rate, which is quoted as Canadian dollars per US dollar. At $92.80 per barrel and 1.4241, WTI is worth about C$132 per barrel. Divide by 158.987 for the crude value per litre, about C$0.83.
Why is Canadian oil cheaper than WTI?
Most Canadian exports are heavy, high-sulphur crude such as Western Canadian Select. It yields less gasoline and diesel, needs complex refineries and travels long distances by pipeline or rail from Alberta. Buyers pay less for it, so WCS trades at a discount to WTI, which widens when export pipelines are full.
Does the Canadian dollar follow oil prices?
Often, yes. Crude oil is Canada's largest export, so higher prices raise US dollar export earnings and tend to strengthen the loonie. The link is loose in the short term because interest rates and general US dollar moves also matter, but over years the loonie and oil prices have usually moved together.
Is WCS priced in Canadian dollars?
WCS is usually quoted as a differential to WTI in US dollars per barrel, for delivery at Hardisty, Alberta or on the US Gulf Coast. Producers and the Alberta government convert those prices to Canadian dollars for royalties and accounting, using the prevailing exchange rate.
Related pages
Western Canadian Select
Western Canadian Select explained: heavy sour quality, the Hardisty hub, why WCS trades below WTI, and how Trans Mountain changed the discount.
WTI Crude Oil Price
Current WTI crude oil price live in USD per barrel, with a real-time chart, NYMEX contract facts, Cushing delivery and key US drivers.
Canada
Canada's oil industry: oil sands output, WCS pricing, pipelines including Trans Mountain, and its position as the largest US crude supplier.
Oil and the Dollar
How the US dollar affects oil prices: petrodollar pricing, the inverse correlation and when it breaks, and what it means for importers' costs.