Oil jumps on Canadian wildfire near oil sand fields, Libyan fighting

Crude Oil
Oil prices jumped by more than one percent in early trading on Thursday as a huge wildfire in Canada disrupted its oil sands production, while escalating fighting in Libya threatened the North African nation’s output.

International benchmark Brent crude futures were trading at $45.31 per barrel at 0031 GMT, up 69 cents or 1.6 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures rose 75 cents, or 1.7 percent, to $44.53.

A massive wildfire has forced the evacuation of all 88,000 people in the western Canadian oil city of Fort McMurray and burned down 1,600 structures, and has the potential to destroy much of the town, authorities said on Wednesday.

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