A large wildfire near the major Canadian oil sands city of Fort McMurray did not move closer overnight and is expected to remain subdued on Thursday, the local authority said on Thursday.
The U.S. is preparing to prioritize issuing limited licenses to operate in Venezuela to companies with existing oil production and assets over those seeking to enter the sanctioned OPEC nation for the first time, two people close to the discussions said.
The crude oil markets have bounced back after selling off again, as the oil markets enter what is typically a very bullish time of year for the markets.
West Texas Intermediate and Brent are flat for the week. The contracts have lost 4% and 5.8%, respectively, for the month.