Oil prices rose on Thursday

International benchmarks for oil prices gain modestly on Thursday (5 May) as market shrugged off news on increased US commercial crude inventories, and pay more attention to production issues in Canada and Libya. A wildfire hit the sand oil state of Canada, forcing production cut and pipeline shutdown as a precaution. Industry estimated some 800,000 barrels per day loses from Canadian production offline. Meanwhile, WSJ reported political infighting between government in east and west Libya over oil revenue, which might threaten the country’s crude output. Analysts expected Canada production disruption to be temporary and might only create some delay in delivery, however, refineries still can access to the record high level inventories.

WTI closed at $44.32/barrel (+$0.54) June delivery

Brent closed at $45.01/barrel (+$0.39) July delivery