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4 June | Oil

Oil prices stabilize as Canadian wildfires slow and US inventories decline

Brent
WTI Light Crude Oil
Oil prices stabilize as Canadian wildfires slow and US inventories decline

Oil prices stabilized after a two-day rally as rains helped slow the spread of wildfires that had disrupted crude production in Canada.

Brent crude hit a three-week high, closing at $65.56 a barrel on Tuesday, while WTI settled at $63.32.

One Canadian operator has resumed production at a site after halting operations last week when wildfires forced the world's fourth-largest oil producer to cut its output by 7%.

The American Petroleum Institute (API) reported US crude inventories fell by 3.28 million barrels last week.

Oil rose at the start of the week as OPEC+'s decision to boost July output matched forecasts, easing fears of a larger production hike. However, prices remain 12.63% below last year's levels amid persistent concerns about oversupply and potential demand risks from US-driven trade tensions.

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