Oil steady as Canadian wildfires offset OPEC+ supply rise

Oil prices held steady on Wednesday as supply disruptions in Canada due to wildfires helped offset pressure from planned output increases by OPEC+ and concerns over global trade tensions.

Brent crude futures edged up 7 cents, or 0.1 per cent, to $65.70 a barrel by 1034 GMT. US West Texas Intermediate (WTI) crude rose 3 cents to $63.44.

Janiv Shah, vice president of oil commodity markets analysis at Rystad Energy, stated that the market was being affected by OPEC+ producers’ plans to raise output by 411,000 barrels per day (bpd) in July.

Attribution: Reuters

Subediting: Y.Yasser