(MENAFN) The price of oil is increasing as huge wildfires in rural Canada continue to hit supply from the nation's vast oil sands reserves, according to the latest reports.
The anticipation that the Alberta fires could rage for months, potentially affecting output, along with a change in the top of the Saudi Arabian oil ministry have helped underpin prices.
In particular, Canada is currently struggling with a devastating wildfire that authorities are agonizing to get to grips with and has forced 80,000 out of their homes.
Further, whereas the human cost is the biggest concern in this whole situation, there are consequences for the oil market too as the fire is stopping production in Canada.
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