Oil prices surged on Tuesday

International benchmarks for oil prices moved higher on Tuesday (10 May) as market refocused on the supply outages in Canada and Nigeria. The worst of wildfire in Canada is over at it did not damage equipment and facilities, oil companies are planning to resume production this weekend, however, it might take 2-3 weeks to normalize output. Meanwhile, data published on Tuesday showed that Nigeria's oil output has slumped to a 22-year low because of pipeline sabotage and increasing unrest. Oil prices boosted after the news.

WTI closed at $44.66/b (+$1.22) June delivery

Brent closed at $45.52/b (+$1.89) July delivery