Oil Rises as Canadian Wildfire Forces Evacuation of Fort McMurray
Oil Rises as Canadian Wildfire Forces Evacuation of Fort McMurray
Oil rose to 46 per barrel on Wednesday reduced production in the oil sands region of Canada because of a wildfire $ sidelined concerns about excess supply and expectations of rising US world crude stocks.
Canadian province of Alberta evacuating the entire population of Fort McMurray where a fire maintain in the heart of the oil sands region of the country, prompting some companies to reduce production.
Brent LCOc1 rose 92 cents to $ 45.89 at 1401 GMT (9:01 ET). It reached a high of 2016 $ 48.50 on Friday, but set lower that day and fell Monday and Tuesday again. US crude CLC1 rose $ 1.17 to $ 44.82.
"Oil prices could receive support from forest fires in the Canadian oil province of Alberta," said Carsten Fritsch, analyst at Commerzbank.
Brent fell more 5 percent of high Friday in response to the output from the OPEC , the signs of economic slowdown in the US and Asia and a stronger dollar.
via Reuters
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