Oil prices rose today after three straight sessions of declines boosted by the prospect of tightening supplies in Canada. Wildfires are raging in Alberta shutting in large amounts of crude supply. “The OPEC+ cuts are likely to have a greater impact as we move through the summer, as previous attempts to balance the markets were offset by seasonal weakness and the release of strategic reserves,” said Third Bridge analyst Peter McNally. At least 300K\/ bpd of production was shut in last week. Elsewhere global supplies are expected to tighten in the second half of the year as OPEC+ plans additional output cuts. WTI traded up $1.07 or 1.5% to close at $71.11. Brent rose $1.06 or 1.4% to close at $75.23.<\/p>\n\n\n\n
Oil prices rose today after three straight sessions of declines boosted by the prospect of tightening supplies in Canada. <\/p>\n","protected":false},"author":2,"featured_media":9555,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n