NEW YORK — Oil prices rallied Thursday amid supply worries due to massive wildfires in Canada, which has ballooned to 85,000 hectares in Fort McMurray overnight and is now billowing across a wide front south of the city.
Reports said the fire in Canada’s oil sand region has not reached facilities used to extract crude, but some oil pipelines have been shut down, workers are forced to leave.
US oil production reached its lowest level in eight months. Crude production of the country lost 46,000 to 8.923 million barrels a day last week, according to the Energy Information Administration (EIA)’s weekly report released Wednesday.
The West Texas Intermediate for June delivery moved up 54 cents to settle at 44.32 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 39 cents to close at 45.01 dollars a barrel on the London ICE Futures Exchange. PNA/Xinhua/northboundasia.com