Oil prices continue to move up on Tuesday

International benchmarks for oil prices continue to surged on Tuesday (17 May) as wildfires spread in Canada's oil sands region forcing thousands more to evacuate. Oil operators within the region of Alberta were forced to shut its facilities as a precaution, arousing market concern over the near term supply outlook. Ongoing military attacks on oil infrastructure in Nigeria and instability in Libya have also curtailed production in those countries. However, analysts are expecting that as the market is approaching the $50/barrel threshold, traders might take some profit off the table.

WTI closed at $48.31/barrel (+$0.59) June delivery

Brent closed at $49.28/barrel (+$0.31) July delivery