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Oil Prices Tick Up on Tighter Supply Outlook

Singapore, Oil prices rose on Tuesday as the supply-demand balance looked set to tighten on operational disruptions, stronger demand and voluntary output cuts.

The market is watching wildfires in remote western Canada that could disrupt the country’s…

Singapore, Oil prices rose on Tuesday as the supply-demand balance looked set to tighten on operational disruptions, stronger demand and voluntary output cuts.

The market is watching wildfires in remote western Canada that could disrupt the country’s oil supply.

US West Texas Intermediate crude futures rose 18 cents to $79.30 a barrel.

Brent crude futures gained 19 cents, reaching $83.55 a barrel.

Oil prices settled up about 1% in the previous trading session on improving demand from the US and China.

As Canada’s wildfire season begins, firefighters on Monday were racing to contain one blaze in British Columbia and two in Alberta near the heart of the country’s oil sands industry. No operational disruptions had been reported.

Source: Qatar News Agency