Oil Pares Weekly Drop as Wildfire Disruptions Battle Oversupply
- OPEC production seen above 33 million barrels a day in April
- Fires disrupt Canadian supply; U.S. output falls 8th week
IEA’s Atkinson Says Brighter Times Are Ahead for Oil
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Oil pared its first weekly decline in more than a month as oil-sands disruptions in Canada and lower U.S. output offset rising stockpiles and OPEC production.
A wildfire in Alberta has shut more than one million barrels a day of oil-sands output capacity after workers were evacuated, while production sites have so far escaped damage. U.S. crude inventories rose to the highest since 1929 while output dropped the most in eight months last week, a government report on Wednesday showed. OPEC output climbed in April amid gains from Iran and Iraq, according to data compiled by Bloomberg.