Arab Today, arab today oil prices jump as canada wildfires threaten supply
Last Updated : GMT 12:02:44
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Oil Prices jump as Canada wildfires threaten supply

Arab Today, arab today

Arab Today, arab today Oil Prices jump as Canada wildfires threaten supply

Oil Prices jump as Canada wildfires threaten supply
New York - QNA

Oil prices jumped on Monday as a huge wildfire in Canada's oil sand region knocked out over a million barrels in daily production capacity, contributing to a significant tightening of markets over the past weeks. 
The lost capacity is equivalent to well over a third of the country's typical daily production. 
US crude futures were trading at $45.51 per barrel at 0214 GMT, up 85 cents, or 1.9 percent, from their last settlement. 
Brent crude was up 62 cents, or 1.4 percent, at $45.99 a barrel. 
While supplies tighten, demand, especially in Asia, is holding firm. 
China's monthly imports of crude oil rose 7.6 percent in April from a year ago to 32.58 million tones, customs data showed, lifted by strong demand from domestic private refiners.

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