Oil jumped nearly 3% on Canadian supply disruption, OPEC+ stayed the course
The gains came as wildfires raging across Alberta—Canada’s key oil-producing province—curtailed approximately 7% of national crude output as of Monday, according to Reuters.
Crude oil prices surged nearly 3% at the start of the week, buoyed by renewed supply concerns as wildfires disrupted output in Canada and OPEC+ decided not to accelerate production outputs as initially feared.
Brent settled $1.85, or 2.95%, higher at $64.63 a barrel.
WTI climbed $1.73, or 2.85%, to close at $62.52.
The gains came as wildfires raging across Alberta—Canada’s key oil-producing province—curtailed approximately 7% of national crude output as of Monday, according to Reuters. The disruption adds fresh volatility to a market already grappling with uncertain demand and geopolitical risk.
Meanwhile, the OPEC+ alliance reaffirmed on Saturday its decision to raise production by 411,000 barrels per day in July. This marks the third consecutive monthly increase of the same magnitude, but fell short of expectations for a faster ramp-up.
A weaker US dollar further supported prices. The greenback slipped across major currencies on Monday, weighed down by investor anxiety over fresh tariff threats from the US government, which raised concerns about potential impacts on economic growth and inflation.
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