While wildfires raging in northern Alberta have tempered Canadian production, a shocking increase in U.S. stockpiles counteracted a steep climb for oil stocks.
U.S. crude stocks grew by 2.8-million barrels over the past week – significantly more than the 1.7-million boe expected. “Oil prices could receive support from the wildfires in the Canadian oil province of Alberta,” said Carsten Fritsch, analyst at Commerzbank.
Brent crude was trading at $45.17 while WTI was at $43.72.
(Written by: N. Reitmayer; Original information source: Reuters http://ca.reuters.com/article/businessNews/idCAKCN0XV03V)
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