Reuters
Singapore
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, with almost all of Canada's crude from oil sands exported to the United States. U.S. crude futures jumped 84 cents or 1.9 percent to $45.50 per barrel by 0707 GMT, rising for a fourth session in a row.
International Brent crude rose 62 cents, or 1.4 percent, to $45.99 a barrel.
"The fires have caused pipeline shutdowns ... several producers in the area have evacuated all but the most essential employees," energy brokerage Poten and Partners said in a letter to clients, although it added that "inventory levels (both in Canada and the U.S.) will provide a cushion for some time."
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