Oil prices jumped nearly 2 percent, resuming a rally last week, due to the persistence of forest fires in Canada and the aggravation of the civil war in Libya.
Forest fire near Fort McMurray in Alberta has increased five-fold compared to the original size and has spread to the south, forcing the 88 th. Of people to flee their homes. Some oil companies in the region have suspended their work as a precautionary measure. "As long as there is no clarity as to how large-scale production will pause and how long they will last," - said an analyst at BNP Paribas Geret Davis.
Meanwhile, experts say that because of the escalation of hostilities in Libya, oil output in the country could fall by 120,000 barrels per day. Opposition rival Eastern and Western political forces in Libya prevents the shipping of Glencore Swiss commodity trader, as the National Oil Company of Libya (NOC), based in Benghazi, block loading of tankers through the eastern port of Marsa el-Hariga.
Investors also drew attention to the message to Bloomberg that the Organization of Petroleum Exporting Countries (OPEC) is currently preparing a proposal to reduce the production of raw materials for the meeting in June, after the failure of negotiations on the "freezing" of oil production in April. According to the agency, the participants of the recent meeting of OPEC in Vienna marked improvement in the supply and demand for oil. In turn, the 2 delegates from countries supporting the "freezing" of oil stated that the proposal to limit oil production is no longer relevant because of changes occurring in the market.
In the course of trading and continue to influence the data from the US Department of Energy, which showed that during the week April 23-29, crude oil inventories rose 2.8 million barrels to 543.4 million barrels, a record high for this time of year. Analysts had expected an increase of 1.444 million. Barrels. On the other hand, the production decline was a record since August 2015. Oil in the US during the week April 23-29, dropped to 8.825 million barrels per day versus 8.938 million barrels per day in the previous week.
WTI for delivery in June rose to $45.05 a barrel. Brent for June rose to $45.73 a barrel.