TOKYO : Oil prices rose for a second day early on Tuesday, as U.S. plans to purchase oil for the Strategic Petroleum Reserve (SPR) lent support while raging wildfires in Canada fuelled supply worries.Brent crude futures rose 31 cents, or 0.4 per cent, to $75.54 a barrel by 0043 GMT, while U.S. West Texas
TOKYO : Oil prices rose for a second day early on Tuesday, as U.S. plans to purchase oil for the Strategic Petroleum Reserve lent support while raging wildfires in Canada fuelled supply worries.
"The market got a boost from expectations that the U.S. repurchase of oil for the strategic reserve will continue if WTI prices fall near or below $70 a barrel," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd. Last week, Brent and WTI futures fell for a fourth straight week over fears of a U.S. recession and risks of a historic default on government debt in early June. The benchmarks last recorded a similar streak of weekly declines in September 2022.The widespread blazes in Alberta, Canada forced more than 30,000 people out of their homes at one point and shuttered at least 319,000 barrels of oil equivalent per day , or 3.7 per cent of national production.
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