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Oil Gains as Wildfires Threaten Canada Supply

  • Oil prices rose over 2% on Monday as wildfires in Alberta, Canada, forced shutdowns of crude production and disrupted supply.
  • The wildfires, which began last week, prompted evacuations and precautionary halts at several oil sands operators, including around Fort McMurray.
  • These fires have taken offline about 350,000 barrels per day, or roughly 7% of Canada’s oil output, exacerbating an already tight global heavy crude market.
  • Rory Johnston described the situation as "an operational nightmare," highlighting how weather and wildfire risks threaten key facilities and pipeline corridors.
  • The production setbacks contributed to bullish crude prices amid tightening inventories and supply constraints, though sustained impacts could pressure refinery operations and gasoline prices.
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On Wednesday, oil prices declined in Asian trades, affected by fears of increased OPEC+ production and tariff tensions threatening global economic prospects, although concerns about Canadian supplies provided price support. Brent's future contracts fell by 23 cents, or 0.4%, to $65.40 per barrel by 0318 GMT, while West Texas's US broker's ore declined by 25 cents, or 0.4%, to $63.16 per barrel. The standard raw materials increased by about 2% ye…

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kalkinemedia.com broke the news in on Monday, June 2, 2025.
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