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At the start of this week, oil prices found themselves sharply higher with Brent almost reaching $46.50 and WTI $46 a barrel overnight. Support for oil prices is coming from Canada due to the ongoing wildfires, which has reportedly reduced the nation’s daily crude output by a fifth already. Unfortunately it could take a very long time before the fire is brought under full control so its impact on oil production remains unclear. But this is obviously a temporary factor so it won’t have a long-la…
At the start of this week, oil prices found themselves sharply higher with Brent almost reaching $46.50 and WTI $46 a barrel overnight. Support for oil prices is coming from Canada due to the ongoing wildfires, which has reportedly reduced the nation’s daily crude output by a fifth already. Unfortunately it could take a very long time before the fire is brought under full control so its impact on oil production remains unclear. But this is obviously a temporary factor so it won’t have a long-la…