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NEW YORK:
Oil prices rose by over 2% on Monday, despite producer group OPEC+ sticking with output hike plans, as wildfires burning in Canada’s oil-producing province threatened supply and President Donald Trump’s new tariff threats weighed on the US dollar.
Brent crude futures climbed by $1.76, or 2.8%, to $64.54 a barrel by 1814 GMT. US West Texas Intermediate crude was up $1.63, or 2.68%, at $62.42.
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.
At least two thermal oil sands operators south of the industry hub of Fort McMurray evacuated workers from their sites over the weekend and shut production as a precaution.
Also supporting prices, the US dollar slipped across the board on Monday on worries that Trump’s fresh tariff threats might hurt growth and stoke inflation.
A weaker US currency makes dollar-priced commodities like oil less expensive for buyers using other currencies. Prices were also supported by the increased geopolitical risk premium after Ukrainian drone strikes against Russia.
