Wildfires in Canada are doing more than sending smoke into the U.S. They also are threatening oil sands operations and Canada’s oil supplies and as a result, oil prices rose nearly 3% on Monday.
Wildfires burning in Canada’s oil-producing province of Alberta have affected about 7% of the country’s overall crude oil output as of Monday, according to Reuters calculations. The increase occurred even with OPEC+ staying with its plans to increase production.
West Texas Intermediate crude gained $1.73 or 2.85% and finished at $62.52 per gallon on the New York Mercantile Exchange.
Global standard Brent crude settled up $1.85 or 2.95% at $64.63 a barrel.
Most Oklahoma energy stocks recorded gains in Monday’s trading including a 7% boost for Stardust Power and a 4% climb for SandRidge Energy.