Oil Holds Gains With Focus On US Inventories, Canada Wildfires
Oil steadied after two days of gains as a US industry group signaled a decline in nationwide crude inventories and rain slowed the growth of some blazes that had shut in Canadian production.
West Texas Intermediate traded near $63 a barrel after adding more than 4% in the previous two sessions, while Brent closed above $65. The American Petroleum Institute reported stockpiles fell by 3.28 million barrels last week, according to a person familiar. That would be the biggest draw since March if confirmed by official data later on Wednesday.
One Canadian oil sands operator restarted a site on Monday after wildfires that at one point shut about 7% of output in the fourth-largest producer. The blazes have put flows to critical American storage hubs at risk, and limited the impact of OPEC+ supply increases over the weekend.
WTI for July delivery was unchanged at $63.41 a barrel at 7:25 a.m. in Singapore.
Brent for August settlement closed 1.6% higher at $65.63 a barrel on Tuesday.
Source: Bloomberg
