Oil prices ticked higher on Friday

International benchmarks for oil prices inched higher on Friday (6 May) as massive wildfire in Canada force oil sands producers cut back on production output further. Market is now estimated up to 1 million barrels a day has been taken offline in Canada. Some analysts commented that mounting production losses in Canada is supporting the market in the near term; however, this might evaporate as output can be restored very quickly. Meanwhile, militant’s attack near Chevron facility in Nigeria is also catching trader’s attention. More uncertainties are added to the volatile oil market after Saudi dismissed its long serving and influential oil minister on Saturday.

WTI closed at $44.66/b (+$0.34) June delivery

Brent closed at $45.37/b (+$0.36) July delivery