The price of oil has been pushed up today after wildfires ravaging Canada’s oil-sands district forced companies to put production on hold.
Meanwhile, fighting in Libya weighed on output around the Middle East and North Africa.
US benchmark West Texas Intermediate climbed three per cent to $45.12 a barrel, adding to gains made yesterday.
International benchmark Brent crude added 2.6 per cent to $45.75 a barrel.
The province of Alberta in Canada has declared a state of emergency that has forced all 88,000 residents of Fort McMurray to flee the city.
The blaze has already torn through 1,600 buildings and there are fears it could destroy far more businesses and residencies before it is extinguished.
One major oil-sands mining operation shutdown yesterday and the fires forced another to cut back on production.
The cause of the blaze is thought to be the El Nino warm weather front that has led to drier than normal conditions in Alberta and surrounding areas.
Oil prices managed to hold almost steady after the news that US stockpiles are continuing to build. Inventories increased by 2.8m barrels for the week ended April 29 to a new weekly record.