Crude oil prices were on the rise on Monday as the market continued to fear a tightening of crude supplies on Canadian wildfires.
Crude oil prices were trading up 1.5% on Monday afternoon, with WTI trading at $71.12 per barrel, up $1.08 per barrel (+1.54%) as the oil-producing province of Alberta sees more hot and dry weather, triggering an increase in wildfires, with no sign of abating.
The number of wildfires labeled as out of control as of Saturday is 21, with more than 16,000 people displaced.
There still were more than 300,000 boepd of Canadian oil production shut in due to the fires.
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