Oil prices slip as Canada fires ebb

AFP, NEW YORK:  Oil prices slipped on Friday as the forest fires menacing Canada’s oil sands region were contained, but the market remained generally firm amid growing expectations of a demand pickup.
US benchmark West Texas Intermediate for delivery in June lost 41 cents to close at $47.75 a barrel.
In London trade, Brent North Sea crude for July lost nine cents to $48.72 a barrel.
Both contracts though were up from a week ago, when WTI closed at $46.24 and Brent at $47.78.
Traders showed rising confidence in a tightening of the supply-demand equation, with US output steadily falling, Nigeria and Canada suffering cutbacks, and some tentative signs of stronger growth in the global economy.
“There’s still a lot of fundamental news that’s pretty bullish: the wildfires in Canada, the chaos in Venezuela,” said market analyst Carl Larry of Frost & Sullivan.
“Demand has started to outstrip supply. Sentiment is picking up quite a bit and perhaps prices may push above the $50 mark in the next couple of weeks, provided the dollar does not strengthen further,” said IG analyst Bernard Aw.
In Fort McMurray, the center of Canada’s oil sands production, officials said Friday that firefighters have contained the blaze that forced the shutdown of 1.2 million barrels a day of output.

Oil prices slip as Canada fires ebb

AFP, NEW YORK: Oil prices slipped on Friday as the forest fires menacing Canadas oil sands region were contained, but the market remained generally firm amid growing expectations of a demand pickup. US benchmark West Texas Intermediate for delivery in June lost 41 cents to close at $47.75 a barrel. In London trade, Brent North Sea crude for July lost nine cents to $48.72 a barrel. Both contracts though were up from a week ago, when WTI closed at $46.24 and Brent at $47.78. Traders showed rising confidence in a tightening of the supply-demand equation, with US output steadily falling, Nigeria and Canada suffering cutbacks, and some tentative signs of stronger growth in the global economy. Theres still a lot of fundamental news thats pretty bullish: the wildfires in Canada, the chaos in Venezuela, said market analyst Carl Larry of Frost Sullivan. Demand has started to outstrip supply. Sentiment is picking up quite a bit and perhaps prices may push above the $50 mark in the next couple of weeks, provided the dollar does not strengthen further, said IG analyst Bernard Aw. In Fort McMurray, the center of Canadas oil sands production, officials said Friday that firefighters have contained the blaze that forced the shutdown of 1.2 million barrels a day of output.