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.
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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.
