Oil Rally Runs Out of Steam Despite Fort McMurray Supply Disruptions
The massive Fort McMurray wildfire forced more than one million barrels a day of oil sands production offline – and still the price for North America’s benchmark crude was lower on Friday than it was a week ago.
Oil prices have rebounded smartly since the lows of January and February, but the rally ran out of steam this week, despite concerns about supply disruptions in Western Canada, Libya and Nigeria.
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