Oil prices rose after three sessions of losses on supply worries.

economy 16 May 2023

International benchmarks for crude oil rose more than a percentage point on Monday, 15 May 2023, after three consecutive sessions of decline following news of tightening supply in Canada and the US plans to replenish its Strategic Petroleum Reserve.

Brent crude went up $1.06 or 1.4%, settling at $75.23/barrel while US West Texas Intermediate climbed $1.07 or 1.5%, to conclude at $71.11/barrel.

Supply fears heightened after the recent wildfires in Alberta, Canada forced 300,000 barrels per day worth of supply out of production. Meanwhile, the US is planning to restock 3 million barrels for its Strategic Petroleum Reserve in August amid talks that OPEC+ might cut supply further in the second half of the year.