There has been a fall in oil prices following a 2.8 million barrels increase in US crude inventories.
Brent crude LCOc1 fell 35 cents at $44.62 a barrel, while the US crude futures CLc1 were up 13 cents at $43.78, Reuters reported.
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Government data revealed that crude stocks in the US increased last week, having been high since January.
Data released overshadowed concerns over evacuations in Alberta, Canada, where a wildfire raged through Fort McMurray in the country’s oil sands region.
Following the incident, companies such as Suncor Energy and Royal Dutch Shell reduced production.
Several other companies have also shutdown some pipelines to help evacuate non-essential personnel.
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By GlobalDataThe Canada disruption adds to supply losses in Nigeria and Iraq.
The news agency quoted Nitesh Shah of ETF Securities saying: "Investor optimism for oil has markedly improved.
"We believe the gains in price are sustainable and not just driven by speculative gains."
Image: Crude stocks in the US have been high since January. Photo: courtesy of suwatpo/ FreeDigitalPhotos.net.
