Oil prices rise as wildfires hit Canadian supplies

By awrara ra

As wildfires continue to rage through rural Canada, the price of oil is rising as a result of destroyed supplies.

According to Business Insider, UK Brent oil rose by more than one percent on Monday, as Canada’s oil sands reserves suffer from one of the country’s biggest natural disasters in recent times.

The fires are expected to continue for weeks to come, which will further dent supplies and could see prices rise further. Despite this concern for industry, the loss of life and devastation caused to communities throughout Canada is, of course, the primary concern.

So far more than 80,000 people have been forced out of their homes as the fires evade control by firefighters desperately trying to contain the blazes.

Analysts at Energy Aspects say that 800,000 barrels a day of production has ceased or is in the process of being shut down. 

Read the latest issue of Business Review USA & Canada

Follow @BizReviewCanada

Share

Featured Articles

Rise of the Chief Information Security Officer (CISO)

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

UAE building cybersecurity fortress for a safer world

Exclusive: His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on bold plans to build the world’s most secure digital society

The future of cybersecurity must be built on the basics

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the future of cybersecurity

10 of the best speakers at Procurement & Supply Chain LIVE

Leadership & Strategy

10 apps to support staff on World Mental Health Day

Leadership & Strategy

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy